- Terawulf sold its 25% stake in Nautilus Bitcoin mine to Talen Energy for $92 million.
- Terawulf will reinvest in a 20MW AI and HPC facility at its Lake Mariner site.
- Terawulf aims to reach 13 EH/s by Q1 2025 with ongoing projects in New York.
Terawulf, a Bitcoin mining company, recently sold its 25% stake in Pennsylvania’s Nautilus Bitcoin mine. The mine is powered by nuclear energy. The $92 million deal was signed with Talen Energy, its joint venture partner. Moreover, the partnership allows Terawulf to focus on expanding its Bitcoin mining and AI operations.
Details of the Terawulf Transaction
On Thursday, the company completed the sale and confirmed it occurred before the power contract, which offers a competitive rate of $0.02/kWh and expires in June 2027. Additionally, the sale includes $85 million in cash and 30,000 Bitcoin miners valued at $7 million. The money will be used to build a 20 megawatt facility called CB-1 at Terawulf’s Lake Mariner location in New York. The move comes as the Chinese Bitcoin mining pools continue to dominate the global hashrate.
Focus on AI and Bitcoin Mining
Terawulf plans to host HPC and AI data centers at the CB-1 facility, which is expected to open by Q1 2025. This move aligns with the company’s strategy to expand its power capacity and venture into both AI and Bitcoin mining.
The Nautilus joint venture produced around 20% of Terawulf’s total Bitcoin output. In August, Terawulf mined 147 BTC from its fully owned Lake Mariner facility and 37 BTC from the Nautilus JV. It also generated 16 BTC equivalent through demand response activities. The total hashrate from the Nautilus facility was approximately 1.65 exahashes per second (EH/s). The company has contributed to the growing US mining pools which have grown to 40% of the total global hash rate.
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Expansion Plans in New York
Terawulf has not yet revealed how it plans to allocate or relocate the existing hashrate from the Nautilus site. However, the company reiterated that construction is ongoing at the MB-5 mining site in New York. This development is expected to help Terawulf reach its target of 13 EH/s by the first quarter of 2025.
As of August 30, Terawulf had around 10 EH/s of installed hashrate, including the production from Nautilus. In addition, the company also reported an average power cost of $0.044/kWh, demonstrating its cost-efficient operations.
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