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A Bitcoin Mining Company Attracts $10M to Pay off Debts

A Bitcoin Mining Company Attracts $10M to Pay off Debts

TeraWulf, a US mining company, has raised $10 million through a $6.7 million common share offering and $3.4 million convertible notes.

The company has said it will use the funds to repay part of the debt and “other corporate purposes.”

TeraWulf has also agreed with China-based mining devices maker Bitmain to restructure the contract for the purchase of equipment. As a result, instead of the expected December batch of 3,000 Antminer S19 XP, the company will receive about 14,000 Antminer S19j Pro with deliveries starting in Q1 2023.

According to TeraWulf, the deal has involved no additional costs other than using the balance of the deposit, which was not disclosed.

The company will increase its fleet to 44,450 devices with a total hashrate of 5 EH/s after the implementation of the revised agreements.