TeraWulf managed to raise $10 million and raise its hashrate forecast

  • Ultramining.com
  • 22:56 Dec 13, 2022
TeraWulf managed to raise $10 million and raise its hashrate forecast

Despite the crisis, BTC miner TeraWulf intends to raise its previous growth forecasts. So, according to the data adjustment for the first quarter of 2023, the figures will be increased by 16%. 

The company managed to restructure its contract with Bitmain, the leader in mining equipment manufacturing. As a result, TeraWulf will get more devices, and the hashing speed will grow from 4.3 Eh/s to 5 Eh/s. 

The miner has also managed to raise $10 million, according to statements, which will be used to pay off a convertible promissory note. Earlier in the form of capital and debt, another $17 million was received. 

As a reminder, the agreement with Bitmain canceled the delivery of 3,000 asic S19 XP Pro. Instead, the company's deposit was used to increase the shipment to 14 thousand S19j Pro machines. This way, TeraWulf avoided additional costs and can use 160 mW of power. Nazar Khan, the co-founder of the miner, noted that the company will continue to focus on increasing profits:

We intend to follow our strategy of positioning ourselves as a low-cost bitcoin producer and intelligently expand our operations without changing our focus on savings. 

The company claims to have a mining cost of $6300 per BTC. 

We believe that TeraWulf is one of the few companies that will be able to remain sustainable at low cryptocurrency costs. 

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