Bitcoin miner TeraWulf authorized a bargain to acquire 15,000 bitcoin mining rigs from Bitmain Technologies,the firm stated in a declaration Tuesday. TeraWulf has yet to submit a Form 8-K with the Securities and Exchange Compensation (SEC) outlining the contract’s terms.
” This acquisition from Bitmain, which is TeraWulf’s largest order of the next-generation bitcoin mining machines, represents our close relationship with Bitmain as well as our capability to acquire substantial quantities of miners as we grow our operating capacity,” Paul Prager, TeraWulf CEO, said in a declaration. “As we prepare to begin mining operations during the following quarter, we continue to be concentrated on our mission of generating ecologically sustainable bitcoin at industrial scale.”
The arrangement lays out a month-to-month shipment of 2,500 equipments from July to December of next year. TeraWulf stated it anticipates to have 800 megawatts (MW) of power dedicated to bitcoin mining by 2025, allowing an academic output of 23 exahashes per second (EH/s).
Earlier this month, the miner raised about $200 million in the red and also equity financing, looking for to release funding to accomplish 6 EH/s of hashrate capacity by the second fifty percent of 2022. TeraWulf raised the sum from a team of capitalists, executives, as well as entrepreneurs, consisting of starlet Gwyneth Paltrow, according to a tweet by Prager.
” Thrilled for @GwynethPaltrow, to name a few, to buy @TeraWulfInc and also support our group of power entrepreneurs’ brand-new paradigm for best-in-class cryptomining that uses 100% zero-carbon power,” per the tweet.
The investment can be found in expectancy of the firm’s public listing on the Nasdaq under the ticker icon “WULF,” a task the miner racked up in a reverse merge with IKONICS. Paltrow’s co-investors in TeraWulf include FIGS co-CEO as well as co-founder Trina Spear, entrepreneur Sara Foster, as well as technology executive as well as expert Pegah Ebrahimi.
According to its website, TeraWulf currently owns 2 bitcoin mining ranches, a hydro-powered center on the shores of Lake Ontario real estate 90 MW of power, and also an operation situated at a 2.5 GW atomic energy facility.