EASTON, Md. – TeraWulf Inc. (NASDAQ:WULF), a Bitcoin mining company, has recently announced achieving a self-mining hashrate of 7.6 exahashes per second (EH/s) and a $22M debt repayment. The company's progress in February marks a stride towards its goal of reaching an owned hashrate of 8 EH/s by the end of Q1 2024 and 10 EH/s by mid-2024.
The repayment contributes to extending the cash flow sweep to the maturity of its term loan. TeraWulf also projects another significant debt repayment in early April 2024, utilizing cash generated in the first quarter of the year. At the close of 2023, TeraWulf reported over $50M in cash reserves, indicating an improvement in its balance sheet and liquidity.
Chief Financial Officer Patrick Fleury highlighted the company's commitment to deleveraging and its industry-leading cost to mine bitcoin. With a projected mining cost of approximately $25,000 per bitcoin, based on a price of $50,000 and a network hashrate of 580 EH/s, TeraWulf anticipates substantial cash flow in the first quarter, enabling further debt reduction.
Paul Prager, Chief Executive Officer, emphasized TeraWulf's financial discipline and the accelerated paydown of its debt. The company aims to have 300 megawatts (MW) of infrastructure capacity operational by the end of 2024 and 550 MW in 2025.
TeraWulf operates Bitcoin mining facilities in the United States, focusing on environmentally clean energy sources. Over 91% of the energy used in its operations comes from zero-carbon sources, including nuclear, hydro, and solar, with a goal of reaching 100% zero-carbon energy usage.
This announcement is based on a press release statement by TeraWulf Inc. and contains forward-looking statements that involve risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied by these statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which reflect the company's expectations as of the date of the press release.
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