25% of Terawulf Stakes in Bitcoin Mine Sold to Boost AI Development
Key Points:
- Terawulf stakes in Bitcoin mine will be sold to Talen Energy for $92 million.
- The company plans to reinvest the proceeds into a 20-megawatt facility, CB-1, at its Lake Mariner site in New York.
Terawulf has sold a 25% stake in the Nautilus Bitcoin mine that is nuclear-powered in Pennsylvania to joint venture partner Talen Energy for $92 million.
Read more: TeraWulf Restructures Debt With $32 Million From A Public Equity OfferingÂ
25% of Terawulf Stakes in Bitcoin Mine Will Be Offloaded for $92 Million
The deal to take Terawulf stakes in Bitcoin mine transaction was sealed prior to the expiration of a $0.02 per kilowatt-hour power contract and ground lease that was scheduled to expire in June 2027. It is valued at $85 million, in cash and other assets involved with the Bitcoin mining operations, including a facility holding 30,000 Bitcoin miners estimated to be valued at roughly $7 million.
Once the sale has closed, Talen Energy will have sole ownership of the Nautilus facility, which can power 160,000 homes and claims it will be the first Bitcoin mining operation powered on-site by nuclear power.
The mining company announced that the Terawulf stakes in Bitcoin mine proceeds will be reinvested into a new 20-megawatt facility located at its Lake Mariner site in New York, dubbed CB-1, intended for supporting HPC and AI data centres. According to the company, this construction of CB-1 will start operating by the first quarter of 2025.
Terawulf Aims for Higher Bitcoin Production and Efficiency
Terawulf added that the move would also lead to greater cost management and operational efficiency without losing its commitment to zero-carbon energy sources. Monetizing its interest ahead of the expiration of the power contract, the firm looks to reallocate resources back to operations at Lake Mariner. It expects lower future power prices and cost efficiency.
Currently, Terawulf operates a fleet with approximately 10 EH/s of installed hashrate – including the contributions from Nautilus and reported a weighted average power cost of approximately $0.044/kWh. The firm reiterated its operational guidance of 13 EH/s by Q1 2025 while it continues to develop its “MB-5” mining site in New York.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Author
News
25% of Terawulf Stakes in Bitcoin Mine Sold to Boost AI Development
Key Points:
- Terawulf stakes in Bitcoin mine will be sold to Talen Energy for $92 million.
- The company plans to reinvest the proceeds into a 20-megawatt facility, CB-1, at its Lake Mariner site in New York.
Terawulf has sold a 25% stake in the Nautilus Bitcoin mine that is nuclear-powered in Pennsylvania to joint venture partner Talen Energy for $92 million.
Read more: TeraWulf Restructures Debt With $32 Million From A Public Equity OfferingÂ
25% of Terawulf Stakes in Bitcoin Mine Will Be Offloaded for $92 Million
The deal to take Terawulf stakes in Bitcoin mine transaction was sealed prior to the expiration of a $0.02 per kilowatt-hour power contract and ground lease that was scheduled to expire in June 2027. It is valued at $85 million, in cash and other assets involved with the Bitcoin mining operations, including a facility holding 30,000 Bitcoin miners estimated to be valued at roughly $7 million.
Once the sale has closed, Talen Energy will have sole ownership of the Nautilus facility, which can power 160,000 homes and claims it will be the first Bitcoin mining operation powered on-site by nuclear power.
The mining company announced that the Terawulf stakes in Bitcoin mine proceeds will be reinvested into a new 20-megawatt facility located at its Lake Mariner site in New York, dubbed CB-1, intended for supporting HPC and AI data centres. According to the company, this construction of CB-1 will start operating by the first quarter of 2025.
Terawulf Aims for Higher Bitcoin Production and Efficiency
Terawulf added that the move would also lead to greater cost management and operational efficiency without losing its commitment to zero-carbon energy sources. Monetizing its interest ahead of the expiration of the power contract, the firm looks to reallocate resources back to operations at Lake Mariner. It expects lower future power prices and cost efficiency.
Currently, Terawulf operates a fleet with approximately 10 EH/s of installed hashrate – including the contributions from Nautilus and reported a weighted average power cost of approximately $0.044/kWh. The firm reiterated its operational guidance of 13 EH/s by Q1 2025 while it continues to develop its “MB-5” mining site in New York.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Other Posts
Related Posts
Latest
25% of Terawulf Stakes in Bitcoin Mine Sold to Boost AI Development
Unlock Blockchain’s Future: $TICS Qubetics Presale, Litecoin & SEI Growth
Press Release
Unlock Blockchain’s Future: $TICS Qubetics Presale, Litecoin & SEI Growth
Qubetics Democratises Asset Ownership while Rexas’ Liquidity Improves and Lunex Shows Potential Growth
