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Bitcoin (BTC) mining firm TeraWulf’s annual report revealed that the corporate recorded 146% income development in the course of the fourth-quarter of 2022 in comparison with the third.
TeraWulf grew its $3.9 million income recorded within the third quarter of 2022 to $9.6 million within the fourth-quarter of the yr, in response to the report.
The agency mentioned it invested in increasing its mining operations by including an additional 110 megawatts (MW) of mining infrastructure. TeraWulf additionally famous that it’s wanting so as to add one other 50 MW in the course of the subsequent three months to extend its complete capability to 150 MW by the tip of the second-quarter of 2023.
The yr 2022
TeraWulf began its operations in February 2021. Based on the numbers, the corporate generated a income of $15 million because it started its operations and self-mined 542 BTC.
As of February, the corporate owns 18,000 miners, 13,000 self-miners, 5,000 hosted miners, and a 60 MW operational capability. From December 2022 to February, TeraWulf elevated its mining hash price to 2.6 EH/s from 1.4 EH/s — representing an 86% development.
For the entire of 2022, TeraWulf reported a internet lack of $91.6 million — reflecting a constructive sentiment in comparison with a internet lack of $95.7 million between February 2021 and December 2021.
TeraWulf
In the beginning of March, the corporate launched its mining facility powered by nuclear energy — which reduce vitality prices by 50%. In TeraWulf’s annual report, the corporate’s CEO, Paul Prager, famous that the corporate has been making vital efforts to be “the preeminent low-cost, zero-carbon bitcoin miner” all through 2022.
Earlier in March, the corporate additionally introduced finishing an underwritten public providing which it raised slightly below $18 million. Based on one other announcement revealed in February, the corporate additionally mentioned it had restructured its debt with the prevailing lenders till April 2024.
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