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

In the same quarter, TeraWulf significantly increased its hashrate, or computing power, and energy capacity that could be used for deploying mining machines. About 50 megawatts (MW) of power were brought online at its mining facility in Lake Mariner in upstate New York. The company had 11,000 miners operating at the end of the quarter, and another 9,000 are scheduled to be plugged into the 50 MW in Lake Mariner. As a result of the expansion, WULF mined 117 bitcoin in the third quarter, compared to 29 in the second quarter.