According to Foresight News, Bitcoin mining company TeraWulf has released its financial report for the third quarter of 2023. The company mined 994 BTC during the period, a 9.5% increase compared to the second quarter. Revenue reached $19 million, up 22.6% from the previous quarter. TeraWulf plans to use the cash generated in Q3 2023 to repay approximately $7 million in debt, with $5.5 million already repaid in October 2023.
Gross profit for the third quarter of 2023 rose to $10.7 million, compared to $10.3 million in the second quarter. As of September 30, the company's total installed hash rate capacity was 5.5 EH/s, a 267% increase year-over-year. The average operating hash rate was 4.8 EH/s. TeraWulf also announced the purchase of 18,500 Antminer S19j XP Bitcoin mining machines for a total cost of $75.4 million, with a prepayment of $53.4 million already made.