Dec. 12, 2022, the Maryland-based bitcoin mining company Terawulf announced that the firm has raised $10 million in capital to pay down debts.
“The company intends to use the aggregate net proceeds to repay the advance with Yorkville and simultaneously issue a notice to Yorkville to terminate the accompanying SEPA entered into on June 2, 2022, and for other general corporate purposes,” Terawulf’s press statement details.
Additionally, Terawulf has managed to restructure a deal with Bitmain in order to add 8,200 application-specific integrated circuit bitcoin mining machines to the firm’s operations. “With the incremental delivery of 8,200 miners, the company is increasing its estimated Q1 2023 self-mining target to 44,450 owned miners deployed 5 [exahash per second] from its prior estimate of 36,250 owned miners .
Over the last six months, Terawulf’s shares have slid 56.07% and during the past year, shares are down 93.89%. During the last five days, however, WULF has increased 14.69% against the U.S. dollar. Terawulf’s stock is no different than a majority of the publicly-listed companies’ stocks that have seen significant declines during the last 12 months.
Nazar Khan, the co-founder and chief operating officer of Terawulf, explained on Monday that despite the challenging environment bitcoin miners face, his firm is well-positioned.
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