- Terawulf sold its 25% stake in Nautilus Bitcoin mine to Talen Energy.
- The firm plans to enhance the efficiency of its mining fleet to achieve 18.2 J/TH.
Bitcoin mining company TeraWulf reported its 25% stake sale in the nuclear-powered Nautilus Bitcoin mine in Pennsylvania to its joint venture partner Talen Energy for $92 million. TeraWulf plans to invest further in high-performance computing (HPC) and artificial intelligence (AI) data centers.
The transaction, which results in a 3.4x return on TeraWulf’s investment, aims at significant financial gain for the company. The $92 million sale includes $85 million in cash and 30,000 bitcoin miners and equipment from Talen Energy, valued at around $7 million.
In addition to the CB-1 facility, TeraWulf aims to complete the construction of mining building 5, “MB-5,” to maintain its operational target of over 13 EH/s by the first quarter of 2025, from the 10 EH/s capacity reported as of August 30, 2023. The company also plans to enhance the efficiency of its mining fleet to achieve 18.2 J/TH.
Paul Prager, the chief executive officer of TeraWulf, stated that by selling their stake in Nautilus before the low-cost 2¢/kWh power contract expires in 2027. As a result, the company can secure a premium return on their investment. This sale will also take advantage of a favorable mining equipment purchase agreement to upgrade their fleet at a discounted price.
On the other hand, the Nautilus joint venture contributed 20% of the total bitcoin production of TeraWulf. Moreover, in August, the firm mined 147 BTC from the Lake Mariner site, 37 BTC from the Nautilus JV, and the demand response activities added 16 BTC.
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