A bitcoin miner just bought a power plant's worth of capacity to rent out compute. On May 26, 2026, TeraWulf said it acquired the Muskie Data Campus at the Eastpark Industrial Park in Greenup County, eastern Kentucky: roughly 1,000 acres, with about 285 acres set aside for hyperscale buildout and more than one gigawatt of capacity over time. The company calls it a high-performance computing site, not a mine. That distinction is the whole story.
What TeraWulf announced
The deal covers the Muskie Data Campus, a tract inside the Eastpark Industrial Park. TeraWulf described the site as roughly 1,000 acres, with about 285 acres controlled for hyperscale development. Total capacity will reach more than one gigawatt over time.
The buildout comes in two phases. A first 500 megawatts is expected to begin ramping up in the second half of 2028. Another 500 megawatts is targeted for 2030. TeraWulf framed the project as a hyperscale high-performance computing development, the kind of site built to host heavy compute workloads rather than rows of mining rigs.
TeraWulf did not put a dollar figure on the purchase or the buildout, and it did not give a headcount for the jobs the site might create. It said the project should generate construction activity, long-term skilled employment, workforce development, infrastructure improvement, and added tax revenue over time. Those are words, not numbers, so treat them as intent rather than commitments.
Why this matters: a miner buying power, not hash rate
Strip away the labels and look at what changed hands. TeraWulf did not buy more mining machines. It bought land and a path to more than a gigawatt of electricity. That is the asset that actually counts here, and it is the asset a bitcoin miner already knows how to assemble.
Mining and modern AI data centers want the same two things: cheap, plentiful power and a site big enough to put it to work. A miner spends years lining up grid connections, substations, and sites near generation. Those same connections can feed racks of computing hardware that train and run AI models. The hardware on the floor is different. The infrastructure underneath is close to identical.
So when a company best known for mining bitcoin buys 285 developable acres and a gigawatt-plus of capacity and calls the result a high-performance computing site, that is the business model shifting in plain view. The product stops being coins the miner keeps. It becomes compute the company rents to someone else, the customers who need somewhere to run heavy workloads and do not want to build the power and the buildings themselves.
The wider context
This is not TeraWulf's first move in this direction in Kentucky. Earlier in 2026 the company announced the 480-megawatt Justified Data Campus in Hancock County. Muskie is the second, larger site, and the pattern across both is the same: secure power and land at scale, then position it for high-performance computing.
The reason to watch is what it says about the trade. A bitcoin miner's edge has always been turning electricity into something sellable. For years that something was bitcoin. The bet behind a gigawatt site framed around high-performance computing is that renting compute can be the more durable use of the same power and the same ground. Whether the AI demand shows up to fill 1,000 megawatts by 2030 is the open question. The land and the power are being lined up for it now.