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Terawulf Buys 15,000 Bitcoin Miners From Bitmain -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Terawulf Inc (NASDAQ) has announced that it will purchase 15,000 S19XP (NASDAQ) Bitcoin mining machines from Bitmain Technologies.

Bloomberg reported that the company would pay $169 million, although there was no financial information.

It is the first time that the company — which claims to be an environmentally-friendly Bitcoin mining business — has secured equity financing and debt funding of approximately $200 million from both institutional investors as well as individuals.

TeraWulf’s largest Bitcoin mining order will be a monthly shipment of 2,500 units, from July through December 2022. This is TeraWulf’s second order for the S19XP pro Bitcoin miners from Bitmain. TeraWulf anticipates having 800 megawatts worth of mining capacity by 2025.

Terawulf has seen its share price fall 16% since Tuesday’s announcement. Since November, when Bitcoin reached its highest point in the year, Bitcoin’s stock price has fallen. 

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