Google backs Bitcoin miner TeraWulf’s $1.8B AI project

TeraWulf, a salient Bitcoin miner, has secured a strategical concern with Google arsenic portion of its high-performance computing (HPC) co-location agreements with Fluidstack.

According to an Aug. 14 statement, the hunt motor elephantine volition backstop $1.8 cardinal of Fluidstack’s lease obligations, providing captious enactment for project-related indebtedness financing.

The statement grants Google a warrant to get astir 41 cardinal shares of TeraWulf communal stock. If exercised, this would correspond an approximate 8% pro forma equity stake.

This strategical enactment enables TeraWulf, a starring integer infrastructure operator, to beforehand 2 10-year HPC colocation agreements with Fluidstack.

The contracts let TeraWulf to present implicit 200 MW of captious IT load from its Lake Mariner information halfway campus. The archetypal 10-year word is valued astatine astir $3.7 billion, with 2 five-year hold options that could rise full imaginable gross to $8.7 billion.

Notably, deployment is already underway, with astir 40 MW of capableness expected to spell unrecorded successful the archetypal fractional of 2026.

TeraWulf plans to bring the afloat 200+ MW online by the extremity of 2026, providing important near-term infrastructure enactment to Fluidstack and reinforcing its presumption arsenic a top-tier integer infrastructure provider.

Google’s crypto wallet policy

This improvement comes arsenic Google Play updated its policies for crypto wallet providers successful implicit 15 jurisdictions, including the US and the European Union.

According to the firm, crypto custodial wallet providers indispensable beryllium licensed and comply with section manufacture standards starting Oct. 29. US developers indispensable registry arsenic wealth services businesses oregon wealth transmitters, portion EU developers indispensable registry arsenic crypto-asset work providers (CASPs).

The announcement had sparked important disorder wrong the community, with manufacture stakeholders criticizing the firm’s unilateral action.

However, the steadfast has clarified that non-custodial crypto wallets stay extracurricular the policy’s scope.

Speaking connected this, Google Cloud’s Rich Widmann, caput of Strategy for Web3, said:

“The argumentation was not intended to screen non-custodial wallets but imprecisely utilized the word “software wallets” without nuance which led to confusion. It is not 2015 anymore – we are moving alongside dozens of crypto devshops and protocols to alteration this ecosystem.”

The station Google backs Bitcoin miner TeraWulf’s $1.8B AI project appeared archetypal connected CryptoSlate.