Bitcoin mining company TeraWulf has announced the closing of the previously announced $50 million add-on loan facility. The Company, which owns and operates fully-integrated, domestic BTC mining facilities, has entered into a first amendment to the Loan Agreement with its current lending parties for an extra $50 million in debt. TeraWulf aims to use the proceeds to complete the data center infrastructure at its Nautilus Cryptomine facility in Pennsylvania and Lake Mariner facility in New York.
According to the announcement, the Company also anticipates starting up its initial batch of 3,000 S19 XP mining equipment for its Lake Mariner Facility in New York in August, after the previously disclosed purchase contracts with Bitmain Technologies Limited. The Company has around $60 million in deposits under the purchase agreements after the initial batch. Notably, the agreements will be applied to additional monthly batches based on the miners’ prices at the time.
TeraWulf reveals its massive plans
TeraWulf, with mining facilities powered by over 91% zero-carbon energy, commences the third quarter with around 3,300 miners online in New York and aims to ramp up its monthly operations with the completion of data center infrastructure in the two mentioned facilities.
We expect the third quarter to be transformational for the Company as we successfully shift from major construction activities at our sites to an operational mining company with a significant ramp in hash rate 🐺⛏️ #WULFhttps://t.co/OQ4zzsPzai
— TeraWulf (@TeraWulfInc) July 5, 2022
Antminer Sales Director of NCSA Region at Bitmain, Irene Gao, commented:
“Delivery of the initial batch of S19 XPs – currently the most efficient bitcoin miner in the market – marks a key landmark for TeraWulf as they begin rapidly scaling their self-mining operations.”
He adds that these highly efficient and low-power consuming S19 XP miners should significantly benefit the sustainable and low-cost mining goals of TeraWulf. On the other hand, the CEO and chair of the board of the mining company, Paul Prager, said that the Company’s ability to secure this new capital, along with near-term S19 XP miners deployment, is a clear indication of its continued momentum.
Notably, despite the ongoing cold in the market, Bitcoin miners aim for massive operation expansion in the United States. In December, the leading crypto mining firm TeraWulf raised $200 million in debt and equity financing with the contribution of individual and institutional investors, as TheCoinRise reported.
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