Bitcoin miner TeraWulf has announced that it has fully met its debt obligations and plans to scale up its business. On July 9, the company announced that its last debt repayment amount was $77.50 million, including prepaid fees and accrued interest. TeraWulf completed the repayment early and currently has no outstanding debt. TeraWulf said the payment provides it with "maximum financial flexibility" to scale and deploy its infrastructure for bitcoin mining, high-performance computing (HPC) and artificial intelligence applications.
Patrick Fleury, TeraWulf's chief financial officer, said profitability and strong cash generation "allow the company to meet repayments. He said the company's lack of debt will allow it to use future profits for organic growth, potential dividends and share buybacks.
CEO Paul Prager said TeraWulf is continuously identifying and creating applications, noting that the company has access to hundreds of megawatts (MW) of infrastructure immediately. TeraWulf plans to expand its operating infrastructure capacity from 210 trillion watts to 295 trillion watts by 2024, and may add another 300 trillion watts in the near future.
Bitcoin miner TeraWulf announces plans to expand bitcoin mining and artificial intelligence operations
2024-07-09 23:46:01
Bitcoin miner terawulf announced fully fulfilled debt obligations plansdesk3cryptocurrencydesktopCrypto News
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