Bitcoin miner TeraWulf has sold a 25% stake in cryptocurrency mining company Nautilus Cryptomine, which is located near the Susquehanna Nuclear Power Plant in Pennsylvania (USA). The deal amounted to $92 million.
The buyer was TeraWulf's partner, a subsidiary of Talen Energy Corporation. The proceeds will be used to expand hosting services for high-performance computing and data centers designed for artificial intelligence.
TeraWulf has returned 3.4 times its initial investment in the venture. The deal also includes 30,000 Bitcoin miners and related equipment.
The company will reinvest the proceeds into the construction of its flagship Lake Mariner complex in New York (USA), which is designed for bitcoin mining and data center deployment.
The facility recently completed a 2 MW HPC and AI system designed to run current and next-generation GPUs.
An additional 20 MW liquid-cooled system is under construction and is expected to be operational in the first quarter of 2025.
TeraWulf is among a number of cryptocurrency mining companies looking to diversify their business into AI and data centers.
Recall that Bernstein called miners attractive partners for AI companies due to access to power supplies and operational capabilities.
Artificial intelligence offers 17-25 times more revenue per kWh spent compared to Bitcoin mining - $0.17-0.2 versus $3-5, according to the Bitcoin Policy Institute.$BTC
