Crypto Miner Terawulf Raises $3 Billion To Expand Data Centres

(MENAFN- Yolo Wire) %Cryptocurrency miner %TeraWulf (NASDAQ: $WULF) is raising $3 billion U.S. in debt to help fund an expansion of its data centre operations.

The deal is supported by Google parent company %Alphabet (NASDAQ: $GOOG), which owns 14% of TeraWulf and is working with the crypto miner to grow its artificial intelligence (A.I.) infrastructure.

TeraWulf's capital raise, which is largely being managed through the issuance of debt, is expected to take place in October and include high-yield bonds and leveraged loans.

The move by TeraWulf comes as the A.I. industry explodes and the demand for data centre space, microchips, and electricity rises sharply.

Crypto miners such as TeraWulf have partnered with mega-cap technology companies such as Alphabet in the current A.I. race.

Crypto miners already control power-intensive infrastructure that can be repurposed for A.I. workloads. This is essentially the deal between TeraWulf and Alphabet.

Other crypto firms that are pushing into the A.I. data center space include Cipher Mining, which has struck a $1.4 billion U.S. agreement with Alphabet.

WULF stock is up 98% this year and trading at $10.83 U.S. per share. Alphabet's stock has risen 30% year-to-date to trade at $246.54 U.S. per share.

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