Bitcoin

<ul class="wp-block-list"> 
 <li>Terawulf sold its 25% stake in Nautilus Bitcoin mine to Talen Energy.&nbsp;&nbsp;</li> 
 <li>The firm plans to enhance the efficiency of its mining fleet to achieve 18.2 J/TH.</li> 
</ul> 
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.&nbsp; 
The <a href="https://d1io3yog0oux5.cloudfront.net/_743ba0d4da0fa8c3cf906a524f027df9/terawulf/db/2265/21573/pdf/WULF+Nautilus+Sale+Announcement+Deck+%2810-03-24%29vF.pdf" target="_blank" rel="noreferrer noopener nofollow">transaction</a>, 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 <a href="https://thenewscrypto.com/bitcoin-miners-struggle-continues-amid-august-production-decline/" target="_blank" rel="noreferrer noopener">bitcoin miners</a> 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,”&nbsp; 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 <a href="https://x.com/TeraWulfInc/status/1841956778344427596" target="_blank" rel="noreferrer noopener nofollow">plans</a> to enhance the efficiency of its mining fleet to achieve 18.2 J/TH.&nbsp; 
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 <a href="https://thenewscrypto.com/will-october-bring-gains-for-bitcoin-based-on-historical-trends/" target="_blank" rel="noreferrer noopener">BTC</a> from the Lake Mariner site, 37 BTC from the Nautilus JV, and the demand response activities added 16 BTC.&nbsp; 
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Talen Energy Acquires TeraWulf’s Minority Stake in Bitcoin Mining Operation

TheNewsCrypto

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