TeraWulf has sold its 25% stake in the Nautilus Cryptomine joint venture to its partner, a subsidiary of Talen Energy, for $92 million. 🎉

The proceeds will be used to expand operations at the Lake Mariner facility, including the construction of a 20 MW AI and high-performance computing (HPC) center. The company also plans to complete construction of a fifth mining building and reach a capacity of more than 13 EH/s by early 2025.

The sale of the stake in Nautilus will simplify TeraWulf's financial statements and allow it to focus resources on the New York facility with lower energy costs. The company plans to significantly improve its mining infrastructure and efficiency in the coming years.

TeraWulf had mixed results in Q2 2024, with BTC production down 21% but revenue slightly above expectations. However, losses per share were worse than expected and mining costs increased significantly.