Bitcoin Mining Firm TeraWulf Raised $17M of Capital in Q3, But Cash Reserves Remain Low

In the identical quarter, TeraWulf considerably elevated its hashrate, or computing energy, and power capability that may very well be used for deploying mining machines. About 50 megawatts (MW) of energy have been introduced on-line at its mining facility in Lake Mariner in upstate New York. The corporate had 11,000 miners working on the finish of the quarter, and one other 9,000 are scheduled to be plugged into the 50 MW in Lake Mariner. On account of the growth, WULF mined 117 bitcoin within the third quarter, in comparison with 29 within the second quarter.