TeraWulf, a Bitcoin mining infrastructure company, just sold a 25% stake in its Nautilus facility for $92 million. The company intends to use the proceeds from the sale to boost artificial intelligence and high-performance computing capabilities at its Lake Mariner facility.

TeraWulf senior vice president of operations Farrell believes that the recent sale of their equity in Nautilus provides a large amount of funds to accelerate the expansion of the company's HPC and AI data center in Lake Mariner.

He noted:

This strategic reinvestment strengthens our ongoing initiatives, including the successful completion of our 2 MW WULF Compute “WULF Den” proof of concept designed for high-density GPU workloads.

Sean Farrell

TeraWulf kicks off expansion plans for its Mariner Lake facility

Bitcoin miner TeraWulf announced the sale of its 25% stake in the Nautilus facility for approximately $92 million in proceeds: $85 million in cash and $7 million in mining equipment, representing 3.4 times its initial investment. TeraWulf CEO Paul Prager commented on the transaction, saying it is in line with the company’s goals and investments.

TeraWulf even said it plans to reinvest the proceeds to expand its Lake Mariner facility’s AI and high-performance computing capabilities. Sean Ferell said the company will use the returns to develop a 20-MW HPC/AI facility at Lake Mariner in CB-1, with construction expected to wrap up in the first quarter of 2025.

Ferell added that they are looking at another HPC/AI facility, CB-2, of about 50MW, which could be operational in the second quarter of 2025.

Additionally, TeraWulf will increase the efficiency of its fleet at the Lake Mariner facility, with the expectation of increasing its capacity to 13 exahashes per second (EH/s) by the first quarter of 2025. By then, the company will also complete the construction of “Mining Building 5” MB-5; WULF even plans to monetize more than 80% of the Nautilus miners in its fleet and all existing S19 generation miners.

TeraWulf has completed its proof of concept program

TeraWulf recently completed a 2-megawatt "WULF Den" proof of concept at the computing front end of its Lake Mariner facility. This project will help support the capabilities of new high-performance GPUs;

The company's new planned projects will continue to supplement this new infrastructure. As of the end of September, TeraWulf's Bitcoin mining capacity at Lake Mariner totaled 195 MW and its mining capacity at Nautilus totaled 50 MW. The company's self-mining hash rate is approximately 10.0 EH/s;

However, the average hash rate in September was 8.2 EH/s, mainly affected by demand response initiatives and efforts to optimize performance to improve profitability.