TeraWulf Attracts Top Investors For Its Sustainable Bitcoin Solution
TeraWulf has attracted A-List executives, entrepreneurs and influencers as investors due to its promising and eco-friendly solution for Bitcoin. As TeraWulf prepares for its public debut, they have also started mining zero-carbon Bitcoin nationwide on a scale that can meet the demand of the cryptocurrency’s ever-growing user base. The company believes in his model for the development of an environmentally friendly cryptocurrency mine will accelerate the transition to a more resilient, stable and sustainable energy future.
The company’s particularly promising position and its goal-oriented and heavily ESG-focused business practices have attracted many institutional investors and, in particular, the Web3 obsessed eyes of Gwyneth Paltrow and Moj Mahdara, who brought in influential friends like Mindy Kaling, Lilly Singh, Business Leader, Entrepreneur and Investor Kimberly A. Blackwell, CEO and Founder of KITH Ronnie Fieg, FIGS Co-CEO and Co-Founder Trina Spear, l entrepreneur Sara Foster, serial investor and tech business advisor Pegah Ebrahimi, NFT and streetwear entrepreneur Bobby Kim and TikTok’s head of global marketing Nick Tran, along with other notable investors, entrepreneurs and executives.
âTaking part in TeraWulf’s last private tour was a no-brainer. Our web3 focus is focused on companies that create significant and lasting value and TeraWulf is the gold standard for that mission, âsaid Paltrow. The group participated in TeraWulf’s final fundraising round ahead of the company’s expected public debut via a reverse merger with IKONICS Corporation. The $ 200 million capital will help TeraWulf reach 6 EH / S (or 200 MW) of capacity by 2H 2022, more than any public bitcoin mining company produces today.
Green crypto is at the center of two macro-trends that are expected to forever shape the future of decentralization. TeraWulf offers the most attractive economy of any bitcoin miner with an average cost of around $ 5,500 per bitcoin, a fraction of the coin’s current price. The company’s management team, with decades of experience in optimizing energy supply, operations and engineering, is poised to achieve a quick and efficient launch of its US-based mining business. .
Foster, an early investor in Bumble, Mirror, Summersalt, and other tech start-ups, explained why she’s invested in TeraWulf: Seen many US companies taking up the challenge. It’s refreshing to see TeraWulf confront what is rightfully inevitable. I firmly believe that TeraWulf is at the forefront of global adoption. Everyone was waiting for the green way to mine. Here we are. “Blackwell, CEO and Founder of KITH added,” Is Web3 already ripe for disruption? The answer is yes. Especially in areas that lack environmental awareness. Green solutions should be table stakes. at this stage “
The process of energy-intensive mining of bitcoin, each of which is now worth over $ 50,000, and other cryptocurrencies have been under intense scrutiny for many years due to the substantial use of fossil fuels. Not too long ago, a tweet shared by none other than CEO and founder of Tesla, Elon Musk, highlighted the potential environmental impact of the bitcoin mining process.
Some cryptomining companies claim to be green but actually buy carbon credits to offset their use of fossil fuels. Enter TeraWulf, who thinks he has a better way forward. It is led by energy entrepreneur Paul Prager and a seasoned team with many leadership positions held by women, including Kerri Langlais, Chief Strategy Officer. They have worked together for over a decade on energy infrastructure projects, which are at the heart of bitcoin mining, and believe they have identified the true green and sustainable solution to Bitcoin’s environmental problems.
âDriven by a commitment to diversity, equity and inclusion at all levels of the organization, we are a team of entrepreneurs with decades of experience in the energy sector,â explained Prager. . âAs a result, we were naturally drawn to the investment of such an impressive group of entrepreneurs with a long history of building successful businesses coupled with significant cryptocurrency expertise. We appreciate their support as we pursue our goal of becoming the most environmentally friendly bitcoin mining company focused on ESG. “
Leveraging nuclear, hydro and solar power to deliver reliable, low-cost power, TeraWulf is expected to deploy 800 MW of mining capacity by 2025 with a target of 100% zero carbon emissions. The company is working to bring its Lake Mariner (NY) facility online in the next quarter and has partnered with Talen Energy to build a new facility in Pennsylvania that is expected to be commissioned by the second quarter of 2022. .
âTeraWulf introduces a new paradigm for top-notch cryptomining focused on cutting-edge ESG practices that will set the standard for the entire industry going forward. With 60,000 state-of-the-art miners on order and competitive power supply agreements already in place, we will begin our operations using over 90% zero carbon energy and are on track to meet our goal. of 100% zero carbon energy. , explained Langlais.
The 21st century environmental movement is gathering momentum and spreading to all aspects of the world. People no longer turn a blind eye to how we buy what we consume, how we travel or acquire crypto.