Bitcoin mining company TeraWulf has sold a 25% stake in its Nautilus Cryptomine joint venture to a subsidiary of Talen Energy for approximately $92 million.

- The company plans to use the funds to expand operations at its Lake Mariner facility, including building the 20 MW CB-1 operation that will house AI and high-performance computing (HPC) data centers.

- TeraWulf also aims to complete its fifth mining building, MB-5, and plans to increase its capacity to over 13 EH/s by early 2025. It also aims to increase mining efficiency to 18.2 J/TH.

- This strategic move will allow TeraWulf to focus on its Lake Mariner facility in New York and benefit from lower energy costs.

- CEO Paul Prager said the sale provides significant capital for the company’s AI/HPC infrastructure and provides an advantageous deal to update its mining fleet.

- TeraWulf's Q2 2024 results were mixed: 699 BTC mined, revenue $35.6 million but loss per share $0.03. Mining costs increased by 243%.

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