Business
TeraWulf Announces Continued Industry-Leading Cash Production and $30 Million Debt Repayment
Demonstrates Continued Progress in Debt Reduction EASTON, Md., April 08, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”),
About this update from Terawulf Inc.
[{"type":"text","content":"Demonstrates Continued Progress in Debt Reduction\nEASTON, Md., April 08, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, domestic Bitcoin mining facilities powered by more than 95% zero-carbon energy, today announced it has repaid an additional $30.1 million of its Term Loan, thereby reducing the debt balance to $75.9 million. Management Commentary Patrick Fleury, Chief Financial Officer, remarked, “This $30 million payment follows our repayment of approximately $40 million over the past six months. And there is more to come.\" Fleury also stated, “At today's approximate $70,000 bitcoin price, we expect our industry leading economics, resulting in a fully loaded cost to mine a bitcoin of just $37,000 post halving, to allow for continued rapid debt extinguishment. All of the inputs used to determine our cost to mine a bitcoin can be found on our recently updated cost-to-mine calculator on our website. As previously indicated, once we've settled our outstanding debt, we plan to allocate profits towards organic growth, potential dividends or share buybacks to benefit our shareholders.” TeraWulf’s proprietary cost-to-mine calculator can be found on the Company’s website here: https://investors.terawulf.com/financial-information/cost-to-mine-calculator. About TeraWulf TeraWulf owns and operates vertically integrated, environmentally clean bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company currently has two Bitcoin mining facilities: the wholly owned Lake Mariner facility in New York, and Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. TeraWulf generates domestically produced Bitcoin powered by 95% zero carbon energy resources including nuclear, hydro, and solar with a goal of utilizing 100% zero-carbon energy. With a core focus on ESG that ties directly to its business success, TeraWulf expects to provide industry leading mining economics at an industrial scale. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and e...