Bitcoin miner TeraWulf (WULF.US) has paid off the remaining debt ahead of schedule, saying it will provide the company with more flexibility to take advantage of growing demand for energy infrastructure, which can be used to power generative artificial intelligence technology.
The Zhitong Finance App learned that Bitcoin miner TeraWulf (WULF.US) paid off the remaining debt ahead of schedule, saying this will provide the company with more flexibility to take advantage of the growing demand for energy infrastructure, which can be used to power generative artificial intelligence technology.
As of Tuesday, Bitcoin rose more than 1.9% during the day to 57,787.8 US dollars/coin.
TeraWolf is one of many Bitcoin miners who are converting part of their infrastructure into high-performance computing data centers, which can power artificial intelligence applications. TeraWolf has repaid a $77.5 million term loan, according to a statement on Tuesday. When the company went public in 2021, it was backed by celebrity investors such as Gwyneth Paltrow.
The company plans to expand its operating infrastructure capacity from 210 megawatts to 295 megawatts this year, and has the capacity to add another 300 megawatts “in the short term.” The company previously announced that it is developing a high-performance computer project at its Lake Mariner plant in New York. The project will power the generation of graphics processing units where artificial intelligence technology is booming.
TeraWolf's stock price has more than doubled since this year. Since another Bitcoin miner, Core Scientific, signed a $3.5 billion escrow contract with AI upstart CoreWeave, the company's stock price has soared. On Tuesday, TeraWolf shares fell 8.4% to around $5.
Entering the AI hosting business helped TeraWulf and Core Scientific outperform other miners, whose stock prices were being dragged down by concerns about shrinking profits. Shares of Marathon Digital and Riot Platforms, the two miners with the greatest computing power, have both declined this year.