CoinDesk
TeraWulf CEO Paul Prager told CoinDesk's Public Keys that the company's 20-year, roughly $19 billion AI hosting agreement with Anthropic has effectively retired its Bitcoin mining past, declaring simply: "We're not involved in Bitcoin." The deal, which exceeds TeraWulf's current market capitalization, expands an existing relationship that already covers Anthropic and Google at TeraWulf's Lake Mariner campus in New York and was won through a competitive bid centered on grid power access.
Why it matters
Prager's framing matters for the listed Bitcoin-miner cohort more than the dollar figure alone suggests. TeraWulf is shedding non-core assets, including its interest in the Abernathy project, and steering capital into wholly owned AI campuses in eastern Kentucky, where the first facility is expected online beginning in 2028 with Fluor handling construction. The thesis is that AI infrastructure revenue is contracted, multi-decade and tied to power assets TeraWulf already controls, while Bitcoin's commodity-style cash flows do not deliver the predictable duration the company wants.
Market impact
Prager's warning that "not all megawatts are created equally" reframes the bottleneck in the AI build-out: it is power quality, not land, that is scarce. He flagged skilled labor rather than equipment as the binding execution risk as hyperscale campuses grow more specialized, and said TeraWulf redevelops former industrial sites and adds new generation where needed to support both its AI tenants and the broader grid. The read for mining peers is that the same hashrate-to-AI pivot now comes with a public line in the sand against staying in BTC.
Frequently asked questions
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What did TeraWulf's CEO say about Bitcoin mining?
CEO Paul Prager told CoinDesk's Public Keys that TeraWulf is no longer in Bitcoin mining, stating directly: "We're not involved in Bitcoin." He said mining's commodity-style revenue did not deliver the long-duration cash flows AI hosting now provides.
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How large is TeraWulf's AI hosting deal with Anthropic?
TeraWulf's agreement is a 20-year lease valued at roughly $19 billion over its life, exceeding the company's current market capitalization at the time of the interview.
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Where will TeraWulf build its next AI data centers?
TeraWulf is developing AI campuses in eastern Kentucky, with the first facility expected to come online beginning in 2028. Engineering and construction firm Fluor has been hired for the project.
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Why did TeraWulf win the Anthropic contract?
Prager said the Kentucky project was awarded through a competitive bidding process centered on access to grid power and long-term infrastructure. TeraWulf already works with Anthropic and Google at its Lake Mariner campus in New York.
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What does Prager mean by 'not all megawatts are created equally'?
Prager argues the AI build-out is constrained by power quality rather than land availability. Successful AI campuses require reliable generation, redundant transmission, favorable regulation and strong community relationships, not just raw electricity capacity.
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