TeraWulf managed to raise $17 million

  • Ultramining.com
  • 16:25 Nov 15, 2022
TeraWulf managed to raise $17 million

According to information that appeared in the Q3 report, despite the $17 million, the mining company's liquidity does not exceed $4.5 million.

The total outstanding principal is $138.5 million. Of the above-raised funds, $7.5 million in credit and another $9.5 million came from investors.

In the current negative situation in the crypto market, cash flow is a key factor. Miners who are having a liquidity crisis are very close to bankruptcy levels.

Significant increases in energy prices have increased TeraWulf's expenses. Whereas in the previous quarter per $1 of revenue expenses were 43%, in the reporting quarter they are already 134%. The company aims to reduce this figure by 2023.

The increased capacity helped the miner mine 117 BTC in Q3, compared to only 29 coins in Q2.

At the close of trading on the Nasdaq on Monday, the value of TeraWulf securities fell by 0.8%.

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