TeraWulf ( WULF ) rose 11% in pre-market trading on Tuesday following news that the firm bought two power-heavy industrial facilities, more than doubling its energy and computing footprint to 2.8 gigawatts (GW).
The sites — one in Hawesville, Kentucky and the other in Morgantown, Maryland — add 1.5 gigawatts of capacity, the company said in a late Monday news release. The company said this will help it meet the demand for new large-scale computing and data workloads, as well as support grid reliability in these regions.
The move comes as a growing number of crypto miners position themselves as key players in the artificial intelligence (AI) infrastructure boom. With artificial intelligence companies needing data center space, powerful chips and massive amounts of electricity, miners have become crucial partners in handling computing needs.
TeraWulf’s Hawesville property, a former industrial site with over 250 buildable acres, includes immediate access to 480 megawatts (MW) of power, including an on-site substation and high-voltage transmission lines. The firm said the location puts it within reach of major Midwest markets and offers a relatively quick path to deploying new computing capacity. The company expects to develop the site in stages.
In Maryland, TeraWulf acquired the Morgantown Generating Station, a 210 MW power plant with expansion potential to 1 GW. The site already supplies electricity to the grid and could eventually host 500 MW of computing infrastructure in the first phase of build-out, the company said.
The company said it aims to pair any future computing activity with extra power generation to keep the site net positive for the grid.
TeraWulf now operates across five sites and aims for 250 to 500 MW of new contracted capacity each year.
