TeraWulf will pay Bitmain about $ 169 million.
TeraWulf Inc., a crypto mining firm, has recently bought 15,000 pcs from Bitmain Technologies Ltd. for $ 169 million and intends to place them at a location in upstate NY.
The company is criticized for its energy consumption
Following the firm’s site, the facility might be integrated into hydroelectric generators, which is a carbon-free power system.
TeraWulf claims to be using carbon-neutral energy sources, which should be a relevant fact inside a sector that has been chastised for its electricity usage.
Concerns about the profitability of mines are driving the firm’s intentions. Crypto mining stocks had plummeted after the high point in Bitcoin’s price, as well as TeraWulf stocks have fallen more than 40% since their release following the acquisition the previous week, relying on the listing value of $ 25 for every share.