Bitcoin miner TeraWulf raises $17 million to build infrastructure

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The company sold $9.5 million of ordinary shares in a direct transaction with existing investors and raised an additional $7.5 million from an existing $50 million credit line received in July.

"Thanks to this funding, we have good opportunities to further deploy our value-creating mining capacities. This makes the company one step closer to self-sufficiency," said Patrick Fleury, TeraWulf's chief financial officer.

The loan was received in July and was intended to complete the construction of TeraWulf sites in New York and Pennsylvania.

The first 50-megawatt Lake Mariner building was recently fully powered. It is planned to start production in this quarter. The second building is in the final stage of construction and it is planned to be put into operation by the end of the year.

In September, the company increased its total production capacity to 1.6 EH/s.

"We are pleased with such a significant increase in production volumes at Lake Mariner and look forward to further expanding our production capacity in the coming months," said CEO Paul Prager.

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