Bitcoin miner TeraWulf raises $17 million as it ramps up infrastructure build-out

Bitcoin miner TeraWulf raised $17 million in equity and debt. The company sold $9.5 million in common stock shares via a non-brokered deal with existing investors and drew an additional $7.5 million from an already existing $50 million loan closed in July.

The loan closed in July and was meant to help complete the build-out of TeraWulf’s sites in New York and Pennsylvania. While the latter is in the final stages of construction and is projected to begin mining this quarter, the first 50-megawatt building of Lake Mariner was recently fully energized. The second one is on target to come online by the end of the year. The company expanded its total operational capacity to 1.6 EH/s in September.

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