TeraWulf prepares to increase capacity
The company BTC miner received $9.5 million from the sale of securities, and it also managed to raise $7.5 million from a $50 million credit line that was approved back in the summer.
According to the CFO:
These actions will form the basis of a subsequent increase in production and will allow the company to move more quickly to self-sufficiency.
The loan described above was for TeraWulf's Pennsylvania and New York units. The Lake Mariner Center, which is already fully equipped, will begin mining shortly. Another building, which is nearly complete, will be operational in late 2022. Last month, the company's production capacity increased to 1.6 EH/s.
The head of TeraWulf, Paul Prager, noted that:
The company is positive about the prospect of higher production volumes and plans to continue to expand production capacity.