🐺 Google Bets $3b on TeraWulf’s Green Bitcoin and AI Push

TeraWulf and Google are teaming up on a $3b expansion designed to reshape Bitcoin mining through clean energy and advanced infrastructure. TeraWulf is committing to mostly zero-carbon sources, with facilities like Lake Mariner powered by nuclear, hydro, and solar energy, alongside smart cooling and energy-management systems aimed at reducing environmental impact.

Google has taken a 14% equity stake and agreed to guarantee over $3b in lease obligations, a move that not only provides confidence to investors but also strengthens TeraWulf’s ability to scale into both Bitcoin mining and AI data workloads.

The partnership goes beyond mining. By building a dual-use infrastructure capable of handling both AI and crypto, TeraWulf is positioning itself at the intersection of two transformative industries.

The deal carries regulatory significance: in Europe especially, a sustainability-focused model could encourage lawmakers to take a more favorable stance toward crypto infrastructure that aligns with ESG goals.

TeraWulf is seeking to raise around $3b through a debt offering, potentially via a high-yield bond or leveraged loan. While this provides growth capital, it also introduces significant leverage at a time when execution is capital-intensive.

The announcement initially triggered volatility in TeraWulf’s stock, underscoring investor caution around the balance between ambitious expansion and financial sustainability.

Taken together, the Google-TeraWulf partnership represents both a new model for responsible Bitcoin mining and a high-stakes financial gamble. If successful, it could set the standard for how miners evolve into broader AI-ready infrastructure providers, using clean energy and institutional backing to shape the next era of digital assets.

🗞️ In the News

• 🇺🇸 CleanSpark boosts borrowing capacity to $400m with second BTC-backed credit line
  CleanSpark secured a new $100m facility with Two Prime, fully backed by its 13,000 BTC treasury and free of share dilution. The deal, following a $100m Coinbase Prime facility earlier this week.

• 🇺🇾 Tether disputes reports of $500m Uruguay mining exit
  Tether denied claims it abandoned its Uruguay crypto project over $4.8m in unpaid electricity bills, saying it remains committed to the region. The company acknowledged “friction” with state utility UTE and confirmed ongoing talks, while high local power costs continue to challenge large-scale mining operations.

• 🇺🇸 Google takes 5.4% stake in Cipher Mining through $3b Fluidstack AI deal
  Google will backstop $1.4b of Fluidstack’s obligations in a 10-year, $3b data center agreement, securing a 5.4% stake in Cipher Mining. The deal gives Fluidstack access to 168 MW of computing power at Cipher’s Barber Lake site in Texas, underscoring the accelerating crossover between Bitcoin mining and AI infrastructure.

• 🇺🇸 GSR files for first ETF focused on crypto treasury companies
  Market maker GSR has filed for five ETFs, headlined by the Digital Asset Treasury Companies ETF, which will invest in public firms holding crypto in their balance sheets. The filing also includes three ETH staking funds and a Core3 ETF bundling Bitcoin, Ether, and Solana, marking GSR’s first push into exchange-traded products.

• 🇺🇸 Strive merges with Semler Scientific to form 10,900 BTC treasury giant
  Vivek Ramaswamy-backed Strive acquired Semler Scientific in an all-stock deal, alongside a $675m BTC purchase, boosting holdings to 10,900 BTC. The merger makes Strive one of the world’s top corporate BTC holders and highlights growing consolidation in the digital asset treasury sector.

• 🇺🇸 Strategy adds $100m in BTC as Fed cuts rates
  Saylor’s Strategy acquired 850 BTC for $99.7m at an average of $117,344, lifting its holdings to 639,835 BTC worth $47.3b. The buy extends Strategy’s steady accumulation, though at a slower pace than earlier this year, as Bitcoin adoption grows amid reduced volatility.

🗞️ Miner Updates

🐝 HIVE

• Hive Digital Technologies has exceeded 20 EH/s of capacity, following the continued buildout of its Phase 3 Valenzuela facility in Paraguay. The new site adds 100 MW of hydro-powered infrastructure sourced from the Itaipu Dam.

• At current capacity, the company is producing around 9 BTC/day with a fleet efficiency of 18 J/TH and a mining margin of 55% after electricity costs.

• This milestone gives Hive roughly 2% of the entire Bitcoin network, with management targeting 25 EH/s by the U.S. Thanksgiving holiday.

• Once Phase 3 is fully complete, Hive expects daily production to reach approximately 12 BTC, while efficiency is projected to improve further to 17.5 J/TH.

• Hashrate has grown about 233 % YTD, with all ASIC purchases for Phase 3 already funded, shipped, and currently being installed at the facility.

• Leadership emphasized the strength of Hive’s dual growth strategy, which combines large scale mining with a growing AI business.

• Executives highlighted the importance of maintaining low-cost operations and focusing on return on invested capital, noting 99 percent uptime and strong execution from local teams in Paraguay.