Bitcoin (BTC) Miner TeraWulf Announces It Has Fully Satisfied Its Debt Obligations and Plans to Scale Up Its Operations
- WBOYOriginal
- 2024-07-17 12:27:57258browse
On July 9, the firm said its final debt payment amounted to $77.5 million, including pre-payment fees and accrued interest.
Bitcoin (BTC) mining company TeraWulf has fully repaid its debt obligations, a move that will allow it to scale up its operations and deploy infrastructure for BTC mining, high-performance computing (HPC), and AI applications.
On July 9, TeraWulf announced that it has completed its final debt payment, which totals $77.5 million, including pre-payment fees and accrued interest. The company said it repaid the debt ahead of schedule and has no outstanding debt remaining.
TeraWulf said the debt payment gives it “maximum financial flexibility,” enabling it to scale and deploy infrastructure for Bitcoin mining, high-performance computing (HPC), and AI applications.
Patrick Fleury, CFO of TeraWulf, stated that the company’s profitability and strong cash generation allowed it to complete the repayment. He added that TeraWulf's lack of debt will enable it to commit future profits to organic growth, potential dividends, and share buybacks.
According to CEO Paul Prager, TeraWulf is continuously identifying and developing applications and has immediate access to hundreds of megawatts (MW) of infrastructure.
TeraWulf plans to expand its operational infrastructure capacity to 295 MW in 2024 from 210 MW and may increase its capacity by another 300 MW in the near future.
TeraWulf’s June results
TeraWulf also announced its June production and operations report, revealing that the company mined 177 BTC during the month, compared to 186 BTC mined in May.
The company reported an installed and operational hash rate of 8.8 exahashes per second (EH/s) as of June 30, marking a 76% year-over-year increase. Meanwhile, its average operating hash rate stood at 7.1 EH/s in June, down from 7.6 EH/s in the previous month.
Other major miners, such as Marathon, Riot, CleanSpark, and others, also recently reported their June performance. Many companies have experienced declining hash rates since April due to the Bitcoin halving, but some have reported increasing hash rates or BTC output over the longer term.
TeraWulf also highlighted the progress at its Lake Mariner facility, where the construction of Building 4 and new miner deployments will enable it to cross the 10 EH/s threshold in July. The Lake Mariner site also serves as the hub for the company's AI and HPC computing pilot projects.
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