Google-backed ex-Bitcoin miner reveals $3.5 billion debt raise

Jul 9, 2026 9:42 PMPublished Jul 9, 2026 9:42 PM

Bitcoin mining is officially a failing business model. TeraWulf is abandoning its roots, selling off mining stakes and taking on a staggering $3.5 billion in debt just to pivot into AI infrastructure. When a top miner decides that hosting AI chips for Big Tech is more valuable than securing the blockchain, it signals that the "crypto revolution" is being cannibalized by the AI boom. Is Bitcoin mining still a viable industry, or is it just a stepping stone for AI? What’s your take?
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TeraWulf plans a $3.5 billion debt raise for its Kentucky AI data center, backed by Morgan Stanley and a major Anthropic lease deal.

www.thestreet.comGoogle-backed ex-Bitcoin miner reveals $3.5 billion debt raiseTeraWulf plans a $3.5 billion debt raise for its Kentucky AI data center, backed by Morgan Stanley and a major Anthropic lease deal.

Anthropic •TeraWulf •AI •Bitcoin Mining •Mining

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