Bitcoin miner TeraWulf (WULF) agreed to an extra $50M in loans with present lender Wilmington Belief because it appears to be like to finish the datacenter infrastructure at its Lake Mariner facility in New York and Nautilus Cryptomine facility in Pennsylvania.
The earlier mortgage between the 2 was for $123.5M, and this new $50M in borrowings accrues curiosity at 11.5% and matures on December 1, 2024, in keeping with an SEC submitting. TeraWulf is without doubt one of the most indebted publicly listed miners in comparison with its fairness, information analyzed by CoinDesk has proven.
Bitcoin miners have seen their revenues dwindle as the value of crypto has misplaced about half of its worth this 12 months, with some resorting to promoting long-held bitcoin tokens to pay their money owed and working prices.
TeraWulf needs to not solely be “resilient and securely positioned”, but in addition in place to “make the most of sure value-creating alternatives that may in any other case not be obtainable throughout extra wholesome markets,” mentioned Chairman and CEO Paul Prager in a Tuesday press launch.
Maryland-based TeraWulf has acquired its first batch of three,000 Bitmain Antminer S19 XP mining rigs for its Lake Mariner facility in upstate New York, in keeping with the above-mentioned press launch. The miner expects this batch to be operating by August, including to the three,300 presently working at that mine.
Upon completion of labor at Lake Mariner, the corporate expects to have 50 megawatts (MW) of capability there. The Nautilus Cryptomine facility in Pennsylvania stays on monitor to be operational within the third quarter.
WULF has put down $60 million in deposits for mining rigs, which it may use to purchase month-to-month batches of machines on the then-current costs, the press launch added.
Learn extra: Crypto Miners Face Margin Calls, Defaults as Debt Comes Due in Bear Market
