Bitcoin Miner TeraWulf Raises $17M in Q3, Over $130M in Outstanding Loan Principal

Bitcoin miner TeraWulf raised $17 million in Q3, with $9.5 million in equity from existing investors and $7.5 million in incremental proceeds under a term loan, but has a liquidity position of just $4.5 million and no The principal repayment of the loan was $138.5 million. In addition, TeraWulf's cost of revenue increased sharply in the third quarter, as energy prices soared in New York State, where its main business is located, and it increased energy demand through new business, paying 134% for each dollar of revenue, compared with only 43%.