“Mining company TeraWulf leased 70 MW of infrastructure for AI computing equipment on a long-term lease. $WULF Has Big News πΊπ (a thread) TeraWulf is thrilled to announce long-term data center leases with our first #AI customer, @Core42_ai (subsidiary of G42) β a prominent AI cloud and managed services provider that brings substantial financial backing [β¦]β, β write: businessua.com.ua
Mining company TeraWulf leased 70 MW of infrastructure for AI computing equipment on a long-term lease.
$WULF Has Big News πΊπ (a thread)
TeraWulf is thrilled to announce long-term data center leases with our first #AI customer, @Core42_ai (subsidiary of G42) β a prominent AI cloud and managed services provider that brings substantial financial backing and global expertise.β¦
β TeraWulf (@TeraWulfInc) December 23, 2024
The counterparty was Core42, a subsidiary of Group 42 Holding from Abu Dhabi.
“This announcement marks the expansion of the AI ββcomputing business, strategically complementing our leadership in Bitcoin mining,” TeraWulf said in a statement.
Dedicated space in the Lake Mariner data center in upstate New York is being repurposed to house Dell PowerEdge XE9680L liquid-cooled servers. Work on the deployment of the equipment will be completed in stages during the first three quarters of 2025.
The agreement provides for the possibility of increasing the capacity for Core42 by another 135 MW, as well as the extension of the lease agreement twice for five years.
“The growing demand for scalable, energy-efficient infrastructure opens up tremendous opportunities. [β¦] This partnership not only diversifies our revenue streams, but also significantly increases our long-term profit potential,” said TeraWulf CEO Paul Prager.
In October, the company sold a 25% stake in the mining company Nautilus Cryptomine in Pennsylvania for $92 million. The invaded funds were planned to be directed to the development of the Lake Mariner facility and the expansion of hosting services for AI computing.
As a reminder, according to the Bitcoin Policy Institute, the artificial intelligence sector offers 17-25 times more revenue per spent kWh compared to the production of cryptocurrency.
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