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

Quick Take

  • Bitcoin miner TeraWulf raised $9.5 million in equity and drew an extra $7.5 million from an existing loan.
  • The bitcoin miner recently energized the first 50-megawatt building in New York, reaching 1.6 EH/s in total operational capacity.

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.

“With this funding, we are well positioned to continue the value creating deployment of our mining facilities and move the Company a step closer to self-sustaining operations,” said Patrick Fleury, TeraWulf’s chief financial officer.

The loan closed in July and was meant to help complete the build-out of TeraWulf's sites in New York and Pennsylvania.


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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.

"We are pleased to achieve such a significant ramp of mining operations at Lake Mariner, and look forward to further expanding our operating capacity in the months ahead," said CEO Paul Prager.

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About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).