TeraWulf Sells Stake in Nuclear Bitcoin Mine to Fund AI Expansion

Bitcoin miner TeraWulf sold a 25% stake in the Nautilus Cryptomine venture, located near the Susquehanna nuclear power plant in Pennsylvania, USA. The transaction 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 operations.

TeraWulf realized a 3.4-fold return on its initial investment in the venture. The deal also includes 30,000 bitcoin miners and related equipment.

The company will reinvest the funds into the construction of its flagship Lake Mariner complex in New York, USA, which is intended for bitcoin mining and data center hosting.

A project to create a 2 MW high-performance computing and AI system, designed for current and next-generation graphics processors, was recently completed at the site.

An additional 20 MW liquid-cooled system is under construction, with commissioning expected in the first quarter of 2025.

TeraWulf is among the cryptocurrency mining companies seeking to diversify into AI and data center sectors.

Earlier, Bernstein identified miners as attractive partners for AI companies due to their access to power sources and operational capabilities.

Artificial intelligence offers 17-25 times more revenue per kWh compared to bitcoin mining — $0.17-0.2 versus $3-5, according to the Bitcoin Policy Institute.