Bitcoin Miner TeraWulf Sells Stake in 200 MW Facility to Talen Energy for $92M
- Linda HamiltonOriginal
- 2024-10-04 16:26:15268browse
TeraWulf intends to reinvest much of the $92 million into the construction of a 20 megawatt facility for hosting AI and HPC data centers
Bitcoin ( BTC ) mining firm TeraWulf has sold its stake in a 200-megawatt Bitcoin mining facility to its partner, Talen Energy, for $92 million.
The proceeds will be used to construct a 20-megawatt facility for hosting artificial intelligence (AI) and high-performance computing (HPC) data centers at its Lake Mariner base in western New York and to purchase more Bitcoin miners, TeraWulf said in an Oct. 3 statement.
The move will also help lower TeraWulf’s cost-to-mine and improve overall profitability while allowing the firm to maintain its commitment to predominantly utilizing zero-carbon energy, the statement adds.
The $92 million comprises $85 million in cash and 30,000 Talen-contributed miners and related equipment — valued at $7 million.
The firm is also looking to complete the construction of its “MB-5” Bitcoin mining building, which TeraWulf hopes will help lift its operational hash rate to 13 exahashes per second (EH/s) before March 31, 2025.
Related: Bitcoin miner solves block alone, grabs $180,000 reward
In July, TeraWulf told Cointelegraph that it was open to a merger to potentially boost its operating hash rate but wouldn’t do so for the sake of “empire building.”
Instead, TeraWulf said it was more focused on “organic growth” at its existing sites and shareholder returns.
TeraWulf’s (WULF) share price rallied 8% to $4.71 on Oct. 3, Google Finance data shows.
WULF’s change in share price on Oct. 3. Source: Google Finance
Talen is now the sole owner of the Nautilus mining site.
However, it was recently looking to sell its entire stake in the Pennsylvania nuclear plant, as reported by Reuters in August.
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