Mining Firm TeraWulf Raises $200M Through Loan and New Share Issuance
TeraWulf, a mining company focused on renewable energy, has raised $200 million through debt and equity financing. By the summer of 2022, the company intends to increase its Bitcoin hashrate to 6 EH/s.
The funds have reportedly been provided by individual and institutional investors. TeraWulf has raised $123.5 million in a three-year senior secured term loan and $76.5 million through a subscription agreement for an additional share issuance.
The company plans to use nuclear, solar and hydroelectric power to mine cryptocurrencies.
By next December 13, TeraWulf intends to complete its merger with Nasdaq-listed public company IKONICS and obtain public status. The company’s shares will trade under the ticker WULF.
Marathon will install more than 100,000 Bitcoin miners at Compute North’s facilities. The latter continues to build new data centers focused on renewable electricity.
Mining company GRIID has recently announced it intends to go public through a SPAC merger.