Terawulf Purchases 15,000 Gears From Bitmain

Terawulf Purchases 15,000 Gears From Bitmain

Bitcoin miner TeraWulf signed a deal to purchase 15,000 bitcoin mining gears from Bitmain Technologies, the business said in a statement Tuesday. TeraWulf has yet to file a Form 8-K with the Securities and Exchange Payment (SEC) outlining the agreement’s terms.

” This purchase from Bitmain, which is TeraWulf’s biggest order of the next-generation bitcoin mining devices, signifies our close relationship with Bitmain and also our capability to procure substantial amounts of miners as we expand our operating ability,” Paul Prager, TeraWulf chief executive officer, claimed in a statement. “As we prepare to begin mining procedures during the following quarter, we continue to be concentrated on our mission of producing environmentally sustainable bitcoin at industrial range.”

The contract lays out a month-to-month distribution of 2,500 machines from July to December of following year. TeraWulf claimed it anticipates to have 800 megawatts (MW) of power committed to bitcoin mining by 2025, allowing a theoretical result of 23 exahashes per 2nd (EH/s).

Earlier this month, the miner increased concerning $200 million in the red and equity funding, seeking to deploy capital to achieve 6 EH/s of hashrate capability by the second fifty percent of 2022. TeraWulf elevated the sum from a group of financiers, executives, and business owners, including actress Gwyneth Paltrow, according to a tweet by Prager.

” Thrilled for @GwynethPaltrow, to name a few, to buy @TeraWulfInc and also support our team of energy entrepreneurs’ brand-new paradigm for best-in-class cryptomining that utilizes 100% zero-carbon energy,” per the tweet.

The financial investment came in anticipation of the business’s public listing on the Nasdaq under the ticker icon “WULF,” a feat the miner scored in a reverse merge with IKONICS. Paltrow’s co-investors in TeraWulf include FIGS co-CEO and founder Trina Spear, business owner Sara Foster, as well as tech exec and expert Pegah Ebrahimi.

According to its internet site, TeraWulf presently has two bitcoin mining ranches, a hydro-powered facility on the shores of Lake Ontario housing 90 MW of power, and a procedure located at a 2.5 GW nuclear power facility.

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