Terawulf Sells 25% Stake in Nautilus Bitcoin Mine to Fund AI Data Center Expansion  

• Terawulf sold its 25% stake in Nautilus Bitcoin mine to Talen Energy for $92 million.  
• Proceeds will fund a 20-megawatt high-performance computing and AI data center at Lake Mariner.  
• Nautilus contributed 20% of Terawulf’s bitcoin output before the sale.

Terawulf has sold its 25% stake in the nuclear-powered Nautilus Bitcoin mining operation in Pennsylvania to joint venture partner Talen Energy. The $92 million transaction was completed ahead of the expiration of the low-cost $0.02/kWh power contract in 2027, allowing Terawulf to pivot toward a new growth strategy. 

This move comes as Terawulf plans to reinvest the funds into a 20-megawatt high-performance computing (HPC) and artificial intelligence (AI) data center at its Lake Mariner site in New York, which is expected to be operational by the first quarter of 2025.

The $92 million sale includes $85 million in cash and 30,000 bitcoin miners from Talen Energy, valued at around $7 million.

According to Terawulf, the proceeds will help support its transition to HPC and AI, while continuing its proprietary bitcoin mining activities. The company emphasized that the construction of the data center, referred to as “CB-1,” remains on track.

The Nautilus Bitcoin mining joint venture accounted for 20% of Terawulf’s total Bitcoin production, mining 37 BTC in August alone. The company’s other site, Lake Mariner, produced 147 BTC that month, while demand response activities added the equivalent of 16 BTC to the overall output.

Despite the divestment from the joint venture, Terawulf is focused on increasing its total mining capacity. The company’s next goal is to reach a hashrate of 13 EH/s by the first quarter of 2025, from the 10 EH/s of installed capacity it reported as of August 30, 2023.

Terawulf has also been advancing the construction of its new MB-5 mining facility in New York, which is part of its broader expansion efforts. By selling its stake in Nautilus, the company aims to allocate resources toward projects that support high-performance computing and AI hosting, while maintaining its position in the bitcoin mining space.