TeraWulf (WULF) rose 11% in premarket trading on Tuesday after news that the company has acquired two power-intensive industrial sites, more than doubling its energy and computing footprint to 2.8 gigawatts (GW).
The sites, one in Hawesville, Ky., and the other in Morgantown, Md., add 1.5 gigawatts of capacity, the company said in a press release late Monday. The company said this will help meet the needs of new large-scale computing and data workloads and support grid reliability in these regions.
The move comes as a growing number of cryptocurrency miners position themselves as key players in a boom in artificial intelligence (AI) infrastructure. As AI companies require data center space, high-performance chips and large amounts of electricity, miners have become important partners in handling computing needs.
TeraWulf’s Hawesville property is a former industrial site with over 250 acres of buildable area and immediate access to 480 megawatts (MW) of power, including on-site substations and high-voltage transmission lines. The company said the location gives it access to key Midwestern markets and provides a relatively quick path to deploying new computing capacity. The company expects to develop the site in phases.
In Maryland, TeraWulf acquired the Morgantown Generating Station, a 210-MW generating facility with the potential to expand to 1 GW. The company said the site has already begun supplying power to the grid and could eventually build 500 megawatts of computing infrastructure in the first phase.
The company said it aims to combine any future computing activity with increased generation to maintain the site’s net positive impact on the grid.
TeraWulf currently operates from five sites and aims to add 250 to 500 MW of contracted capacity annually.
