The Bitcoin mining company TeraWulf Inc. paid back its $77.5 million term loan in full early, which means it no longer owes any additional funds.
This strategic move gives the business more financial freedom and sets it up to take advantage of the growing need for energy infrastructure, especially for creative AI technology. The Bitcoin mining company said on Tuesday that it was going to use generative AI to cut costs and losses.
This year, TeraWulf’s shares have more than doubled. This is because more people want to run AI. This rise is similar to what other Bitcoin miners are seeing. For example, Core Scientific just signed a $3.5 billion hosting deal with the AI company CoreWeave.
TeraWulf shares surge
TeraWulf (WULF) shares are up over 140% since last year, even though they went down 8% on Tuesday. TeraWulf is ready to use its energy assets for future growth now that it has no more debt and is focusing on building up its AI infrastructure.
This change is part of a wider pattern in the Bitcoin mining community. Many miners are moving their operations to high-performance computing (HPC) data centers to help Artificial Intelligence get better.
At the moment, TeraWulf runs Bitcoin mining farms that are driven by 95% energy that does not generate carbon. This year, the company wants to increase the operational infrastructure’s power output from 210 megawatts to 295 megawatts.
There is also a chance that it could add another 300 megawatts soon. As part of this growth, the company is building a high-performance computer center at its New York site called Lake Mariner. This center will power the graphics processing units that are needed for generative AI.
While TeraWulf and Core Scientific have done well, other miners like Marathon Digital and Riot Platforms have had a hard time. Their shares have gone down because people are worried that their profits will continue to drop.
