On an almost dark Tuesday Bitcoin Shares of mining stock Terrawolf soared nearly 17% after listing on Nasdaq. said It was adding more artificial intelligence computing power through a joint venture with Google-backed AI cloud company Fluidstack.
Following this news, Terra Wolf stock (WULF) closed at $17 per share. The stock price subsequently fell to $15.60 in after-hours trading.
The Easton, Maryland-based company announced that the two companies will develop 168 MW of critical IT load at its Abernathy, Texas, site in the second half of this year under a 25-year hosting agreement. According to the announcement, TeraWulf will hold a 51% majority stake in the joint venture.
TeraWulf and Fluidstack already launched in August signed Agreement to collaborate with Google on plans to build a new data center with support.
“This is exactly the evolution we outlined: converting favorable infrastructure positions into contracted megawatts with investment-grade counterparties, and doing it at a strategic scale,” said TeraWulf CEO Paul Prager.
Among other major miners on Tuesday, Riot Platforms fell 6.2%, while CleanSpark and MARA Holdings fell nearly 5.2% and 3.5%, respectively, according to Yahoo Finance. IREN fell nearly 4%.
Bitcoin mining Since last year, it has become even more challenging. cut in half The amount of digital coins earned has been reduced from 6.250 to 3.125.
Despite the price of Bitcoin rising, it has not risen as quickly as in previous cycles, but the difficulty in minting coins is prompting miners to look for new sources of income.
August Top Listed Miner Hut 8 announced plans It will develop 1.53 gigawatts of new capacity across four sites in the United States. last month's google announced A separate deal supporting Fluidstack's deal with Bitcoin miner Cipher gives Google the right to buy 5.4% of Cipher's shares.
Bitcoin mining stocks have risen this year on news of these companies' efforts to capitalize on the dramatic growth in artificial intelligence technology.
Bitcoin was recently trading below $113,000, down 1.6% in the past 24 hours. It has fallen about 10% since hitting an all-time high of over $125,000 earlier this month, according to crypto data provider CoinGecko.
In Myriad Prediction Markets, about two out of three respondents agree with crypto trader Mando that BTC's next move will be at $120,000, rather than down to $100,000 as predicted by entrepreneur KBM.
