New York-headquartered bitcoin mining firm TeraWulf said it has reduced an additional $22 million of its term loan while increasing proprietary hashrate to 7.6 EH/s.
The company announced on Thursday that it expects to reach 8 EH/s by the end of Q1 and 10 EH/s by mid-2024 with the completion of 35 megawatts of Building 4 at its Lake Mariner facility.
TeraWulf mined 313 BTC in January with a realized hashrate of 5.2 EH/s, making it the 10th largest public bitcoin mining firm by production last month.
According to Terawulf’s Q3 earnings report, it had a current and long-term loan liability of $125 million with about $7 million of cash and digital assets as of Sept. 30. At the time, it was on the higher end of the net-debt-to-hash ratio among its public peers with $32 per TH/s of realized hashrate.
As previously reported, TeraWulf has converted the hashrate capacity previously reserved for hosting into fully proprietary mining as the bitcoin market turned “opportunistic.”
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Meanwhile, Terawulf has adopted an approach to repay term loans with excess cash flow generated from selling its mined bitcoin. It said on Thursday that it had repaid an additional $22 million and thus had repaid a total of $40 million to date.
TeraWulf’s CEO Paul Prager said the firm closed out 2023 with “a cash reserve exceeding $50 million” and expects to make another notable debt repayment in April with cash generated from bitcoin mining production in Q1.
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