Artificial Intelligence | News | Insights | AiThority
[bsfp-cryptocurrency style=”widget-18″ align=”marquee” columns=”6″ coins=”selected” coins-count=”6″ coins-selected=”BTC,ETH,XRP,LTC,EOS,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”light” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523079266073{margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]

TeraWulf Announces Amendments to its Nautilus Joint Venture Agreement with Talen Energy

Decreases Near-Term Capital Requirements and Aligns Digital Infrastructure Capacity with Owned Miners

TeraWulf  which owns and operates vertically integrated, domestic bitcoin mining facilities powered by more than 91% zero-carbon energy, is pleased to announce that the Company and a subsidiary of Talen Energy Corporation have reached an agreement to amend their existing joint venture agreement (the “Nautilus JV”) for the Nautilus Cryptomine bitcoin mining facility (the “Nautilus Cryptomine Facility”), which is located adjacent to, and will source zero-carbon nuclear power directly from, Talen’s 2.5 GW Susquehanna Station in Pennsylvania.

The Nautilus Cryptomine Facility benefits from one of the lowest electricity costs among publicly traded bitcoin mining peers in the United States with contracted power for the first 100 MW of gross mining capacity at $0.02 per kilowatt hour for an initial term of five years (the “Initial Block”). Under the amendments, TeraWulf will maintain the benefit of its previous share of 50 MW of the Initial Block at $0.02 per kilowatt hour. TeraWulf’s affiliate, Beowulf Electricity & Data Inc., will continue to operate the Nautilus Cryptomine facility pursuant to its previously announced facility services agreement.

Recommended AI News: AI Image Creation Goes Mainstream with Latest App Rollouts from Lightricks

Under the amended agreement, TeraWulf will retain a thirty-three percent (33%) ownership interest in the Nautilus JV. The Nautilus Cryptomine Facility has access to up to 300 MW of mining capacity from the Susquehanna Station, with each of the JV members having the right to increase digital infrastructure capacity at the site by 50 MW beyond the initial 200 MW planned. The Nautilus Cryptomine Facility is expected to be the first bitcoin mining facility site powered by 100% “behind the meter” zero-carbon nuclear energy. The Nautilus Cryptomine Facility remains on track to commence mining operations in Q4 2022.

Simultaneously with the amendments to the Nautilus JV, TeraWulf has reached a commercial understanding with Bitmain Technologies Limited (“Bitmain”) whereby TeraWulf’s previous payments are expected to be utilized for future antminer shipments comprised of Bitmain S19 XP and S19j Pro miners. The Company currently anticipates minimal additional cash payments to complete its miner purchases for existing minor orders. This arrangement is expected to provide TeraWulf the flexibility to align the timing and delivery of miners with the infrastructure deployment at TeraWulf’s two facilities.

TeraWulf’s Co-Founder and CEO, Paul Prager, commented, “The amendments to the Nautilus JV agreement enable TeraWulf to reduce our near-term capital obligations at the Nautilus Cryptomine Facility, while preserving opportunities for future capacity expansion.” Prager continued, “The amended joint venture will now focus on infrastructure investment and governance only, enabling each party to deploy its own miners. With these modifications, TeraWulf can optimize two critical value drivers for the Company; 50 MW of two cent power for five years at the Nautilus facility, and deploying miners at our wholly owned Lake Mariner facility, where we are aggressively ramping operations.”

Recommended AI News: Salesforce Partner Spaulding Ridge Announces Expansion with Revenue Lifecycle Management Practice

As previously announced, TeraWulf recently energized the first dedicated mining building at its Lake Mariner facility for a total online digital capacity of approximately 60 MW. Building 2 is expected to add another 50 MW of mining capacity in the fourth quarter, for a total targeted year-end capacity of 110 MW. Once complete, Lake Mariner has the capacity to reach over 500 MW of low-cost infrastructure capacity in a location that leverages its proximity to abundant hydroelectric power and minimal demand, which together translate into low around-the-clock power prices.

Nazar Khan, TeraWulf’s CTO and COO, commented, “The amended Nautilus JV agreement right-sizes the Company’s deployment of miners. This should enable TeraWulf to effectively deploy its near-term miner deliveries with its energized digital infrastructure in New York, where we have the most efficient infrastructure cost and power cost, thereby optimizing the financial benefit of self-mining for our stakeholders.”

Additional information about this amended joint venture arrangement can be found in a current report on Form 8-K filed with the Securities and Exchange Commission. The Company also intends to update its Investor Presentation reflecting these and other changes in the near future.

Recommended AI News: Google Cloud Announces Cloud-First Partnership with KeyBank

[To share your insights with us, please write to]

Related Posts
1 of 33,421

Comments are closed.