TeraWulf, a bitcoin mining startup, has published its third quarter 2023 financial report. During that time, the company mined 994 BTC, a 9.5% rise over the previous quarter. $19 million was brought in, a 22.6% increase over the prior quarter. TeraWulf intends to pay off about $7 million in debt with the proceeds from Q3 2023; $5.5 million was paid off in October 2023.
After reaching $10.3 million in the second quarter of 2023, the gross profit increased to $10.7 million in the third quarter. The company’s total installed hash rate capacity as of September 30 was 5.5 EH/s, up 267% from the previous year. 4.8 EH/s was the average operating hash rate. TeraWulf further said that 18,500 Antminer S19j XP Bitcoin mining devices will be acquired for a total of $75.4 million, of which $53.4 million has already been prepaid.