Business
TeraWulf Announces Closing of Previously Announced $50 Million Add-On Loan Facility and Initial Delivery of 3,000 S19 XP Antminers from Bitmain
Expansion of existing loan facility, further solidifying partnership with lenders. Initial delivery of latest generation S19 XP miners expected to be
About this update from Terawulf Inc.
[{"type":"text","content":"\nExpansion of existing loan facility, further solidifying partnership with lenders.\n\nInitial delivery of latest generation S19 XP miners expected to be operational in August 2022.\n\n EASTON, Md.--(BUSINESS WIRE)--\nTeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates fully integrated, domestic bitcoin mining facilities powered by more than 91% zero-carbon energy, announced it has entered into a first amendment to the Loan Agreement with its existing lender group for an additional $50 million of debt. The Company intends to use net proceeds towards completing the datacenter infrastructure at its Lake Mariner facility in New York and Nautilus Cryptomine facility in Pennsylvania.\n\nIn addition, the Company announced that it anticipates its initial batch of 3,000 S19 XP mining machines from the previously announced purchase agreements with Bitmain Technologies Limited (“Bitmain”) for its Lake Mariner Facility in New York will be operational in August. After the initial batch, the Company has approximately $60 million in deposits under the purchase agreements, which will be applied to additional monthly batches based on the then current prices for miners.\n\nIrene Gao, Antminer Sales Director of NCSA Region, Bitmain, commented, “Delivery of the initial batch of S19 XPs – currently the most efficient bitcoin miner in the market – marks a key milestone for TeraWulf as they begin rapidly scaling their self-mining operations. The high-performance and low power consumption of the S19 XP miners should significantly benefit TeraWulf’s sustainable and low-cost mining business. We are confident in the Company’s vertically integrated business model as we continue to expand our long-term partnership with TeraWulf.”\n\nTeraWulf announced it is commencing the third quarter with approximately 3,300 miners online at its Lake Mariner facility and expects to significantly ramp operations monthly with the completion of the data center infrastructure at its Lake Mariner and Nautilus Cryptomine facilities.\n\n“Our ability to secure this new capital, together with the near-term deployment of the S19 XP miners at Lake Mariner, is further indication of TeraWulf's continued momentum,” said Paul Prager, Chief Executive Officer and chair of the board of TeraWulf. “We expect the third quarter to be transformational for the C...