Bitcoin miner TeraWulf completes $92M stake sale to enhance AI and HPC capabilities
The post Bitcoin miner TeraWulf completes $92M stake sale to enhance AI and HPC capabilities appeared on BitcoinEthereumNews.com.
Infrastructure-based bitcoin mining company TeraWulf just sold off its 25% equity interest in the Nautilus facility for $92 million. The firm intends to use the sale returns to elevate its AI and HPC capabilities at its Lake Mariner facility. Sean Farrell, TeraWulf’s Senior Vice President of Operations, believes that the recent sale of their equity interest in Nautilus has provided significant capital to accelerate the expansion of the company’s HPC and AI data center at Lake Mariner. He noted that: This strategic reinvestment strengthens our ongoing initiatives, including the successful completion of our 2 MW ‘WULF Den’ proof-of-concept for WULF Compute, designed for high-density GPU workloads. Sean Farrell TeraWulf sets expansion plans for its Lake Mariner facility in motion Bitcoin miner TeraWulf announced the sale of its 25% stake in the Nautilus facility, earning roughly $92 million: $85 million in cash and $7 million in mining equipment, 3.4 times more than their initial investment. Paul Prager, CEO of TeraWulf, remarked on the sale, saying the transaction aligned with the company’s goals and investments. TeraWulf even stated it plans to reinvest the proceeds to expand its AI and HPC capabilities at its Lake Mariner facility. According to Sean Ferell, the company will use the returns to develop a 20 MW HPC/AI facility at Lake Mariner, CB-1, with construction projected to end in the first quarter of 2025. Ferell added that they are working on another HPC/AI facility, the CB-2, about 50MW, which will likely be operational by Q2 2025. Moreover, TeraWulf will improve its fleet efficiency at the Lake Mariner facility, expecting to increase its capacity to 13 exahash per second (EH/s) by the first quarter of 2025. By then, the company will also complete the construction of ‘mining building 5, “MB-5”. WULF even plans to monetize more than 80% of…
Filed under: News - @ October 4, 2024 11:13 pm