TeraWulf (WULF), a bitcoin mining company, raised $17 million in capital in the third quarter, but its liquidity remains at $4.5 million, according to a statement released after the market close on Monday. The $17 million was made up of $9.5 million in existing investor equity and $7.5 million in incremental proceeds from a term loan. According to the Monday statement, the term loan’s principal was $138.5 million at the end of the quarter. The miner paid 134% of its costs per dollar of revenue, up from 43% in Q2. According to the statement, the miner is attempting to reduce costs for 2023.
