Benzinga | Dec 21, 2021 08:33AM EST

TeraWulf Reports Purchase Of 15K S19 P Pro Miners From Bitmain, No Terms Disclosed

TeraWulf Inc. (NASDAQ:WULF) ("TeraWulf"), which was formed to own and operate fully integrated environmentally clean bitcoin mining facilities in the United States, today announced that it has entered into an agreement to purchase 15,000 S19 XP pro bitcoin mining machines from Bitmain Technologies Limited ("Bitmain").

The agreement with Bitmain provides for a monthly allotment of 2,500 units to be delivered from July to December 2022. This is TeraWulf's second order of the S19 XP pro bitcoin mining machines from Bitmain. As previously announced, TeraWulf expects to have 800 megawatts of mining capacity deployed by 2025, enabling over 23 exahash per second of expected hashrate. TeraWulf's Lake Mariner facility is expected to begin mining operations during the first quarter of 2022.

"The expected deployment of these miners in 2022 is further indication of TeraWulf's continued momentum, and the announcement of this important order comes in a month in which TeraWulf raised approximately $200 million in debt and equity financing from a group of leading institutional and individual investors, closed on its business combination with IKONICS and began trading as a public company on the NASDAQ exchange," said Paul Prager, Chief Executive Officer and chair of the board of TeraWulf. "This purchase from Bitmain, which is TeraWulf's largest order of the next-generation bitcoin mining machines, signifies our close relationship with Bitmain and our ability to procure significant quantities of miners as we grow our operating capacity. As we prepare to begin mining operations during the next quarter, we remain focused on our mission of generating environmentally sustainable bitcoin at industrial scale with 100% zero-carbon energy and adhering to leading ESG practices."

A Current Report on Form 8-K containing more detailed information regarding the agreement with Bitmain will be filed by TeraWulf with the Securities and Exchange Commission.