TeraWulf Inc., a bitcoin mining business, will pay $169 million to Bitmain Technologies Ltd. for 15,000 computers, and install the machines at a facility it’s building in upstate New York.
According to the company’s website, the facility would be connected to a hydropower-based energy system that is 90% carbon-free. TeraWulf claims to use zero-carbon energy sources to power its mining operations, which is a significant point in an industry that has been criticized for its high energy usage.
The company’s plans come amid concerns that miners’ profits are falling. Since the price of Bitcoin peaked, Bitcoin mining stocks have been battered, and TeraWulf has lost more than 40% of its value since its post-merger market debut last week, based on a listing price of $25.