Bitcoin

Bitcoin mining firm TeraWulf sold its stake in a 200 megawatt Bitcoin mining facility to its partner, Talen Energy, for $92 million — and said the proceeds will go toward AI and Bitcoin mining.&nbsp;
“This transaction allows TeraWulf to achieve a 3.4x return on its investment in Nautilus,” TeraWulf <a data-ct-non-breakable="null" href="https://investors.terawulf.com/news-events/press-releases/detail/86/terawulf-monetizes-equity-interests-in-nautilus-joint" rel="null" target="null" text="null" title="null">said</a> in an Oct. 3 statement.&nbsp;
TeraWulf intends to reinvest much of the $92 million in building a 20-megawatt facility for hosting AI and high-performance computing data centers at its Lake Mariner base in western New York and buy more Bitcoin (BTC) miners.
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 “[It will] provide significant capital to invest into our HPC/AI infrastructure and capitalize on our favorably structured miner purchase agreement to upgrade our mining fleet at a discount to the current market price.”
</blockquote>
TeraWulf said the move will lower its cost-to-mine and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-miner-monthly-revenue-11-month-low" rel="null" target="null" text="null" title="null">improve overall profitability</a> while allowing the firm to maintain its commitment to predominantly utilizing zero-carbon energy. 
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 <img alt="TeraWulf sells its 25% stake in Nautilus Cryptomine for $92M" src="https://s3.cointelegraph.com/uploads/2024-10/01925572-9405-7ff4-977f-d8d15e85430c" title="">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/Kerri_Langlais/status/1841951925522116870" rel="null" target="null" text="null" title="https://x.com/Kerri_Langlais/status/1841951925522116870">Kerri Langlais</a>
 </figcaption>
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The $92 million comprises $85 million in cash and 30,000 <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/how-to-mine-bitcoin-a-beginners-guide-to-mine-btc" rel="null" target="null" text="null" title="null">Talen-contributed miners</a> and related equipment — valued at $7 million.
The firm is also looking to finish its “MB-5” Bitcoin mining building, which TeraWulf says may help lift its operating hashrate to 13 exahashes per second before&nbsp;March 31, 2025.
<blockquote>
 “This transaction underscores TeraWulf’s dedication to operational efficiency, cost management, and long-term shareholder value, while also demonstrating proactive risk management.”
</blockquote>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-miner-solves-block-solo-180k-reward" rel="null" target="null" text="null" title="null">Bitcoin miner solves block alone, grabs $180,000 reward</a>
In July, TeraWulf told Cointelegraph that it was <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-miner-terawulf-open-to-merger-not-empire-building" rel="null" target="null" text="null" title="null">open to a merger</a> to boost its <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/how-long-does-it-take-to-mine-1-bitcoin" rel="null" target="null" text="null" title="null">operating hashrate</a> but wouldn’t do so for the sake of “empire building.”&nbsp;
TeraWulf said it was focused on “organic growth” at its existing sites and shareholder returns.&nbsp;
Google Finance data shows that TeraWulf’s (WULF) share price rallied 8% to $4.71 on Oct. 3. 
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 <img alt="TeraWulf sells its 25% stake in Nautilus Cryptomine for $92M" src="https://s3.cointelegraph.com/uploads/2024-10/01925571-df22-736a-829b-7484227395bc" title="">
 <figcaption style="text-align: center;">
 WULF’s change in share price on Oct. 3. Source: Google Finance
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Talen now stands as the sole owner of the Nautilus mining site.
Still, Reuters <a data-ct-non-breakable="null" href="https://www.reuters.com/technology/talen-energy-offers-up-nuclear-powered-crypto-mining-campus-stake-sources-say-2024-08-01/" rel="nofollow noopener" target="_blank" text="null" title="https://www.reuters.com/technology/talen-energy-offers-up-nuclear-powered-crypto-mining-campus-stake-sources-say-2024-08-01/">reported</a> in August that Talen was looking to sell its stake in the crypto miner. Magazine:<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-price-all-time-highs-donald-trump-election-sec-gary-gensler-felix-hartmann-hall-of-flame/" rel="null" target="null" text="null" title="null"> Bitcoin will ‘start ripping’ as Trump’s polls improve: Felix Hartmann, X Hall of Flame</a>

TeraWulf sells its 25% stake in Nautilus Cryptomine for $92M

Cointelegraph

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