TeraWulf has won approval from the Kentucky Public Service Commission for a 482 megawatt power agreement to supply electricity to its Justified Data Campus, with the company estimating a total investment of $4.0 to $4.5 billion for the facility.
The Kentucky PSC issued its order on August 21. TeraWulf said in its announcement that the agreement secures long-term power supply for the campus, a bitcoin mining and data center operation.
The deal represents one of the largest power commitments granted to a bitcoin mining operator by a state utility commission. For context, major publicly traded miners including Marathon Digital and Riot Platforms each operate fleets of 500 to 800 MW across multiple sites. TeraWulf's single facility would rank among the largest dedicated mining operations by power capacity.
Kentucky has emerged as a hub for large-scale data center development in recent years, attracted by lower electricity costs and existing infrastructure. The state's PSC approval process requires utilities to demonstrate that power supply agreements serve the public interest and do not unduly burden existing ratepayers. TeraWulf's $4.0 to $4.5 billion investment estimate covers construction and equipment for the campus beyond power procurement.
TeraWulf operates bitcoin mining operations across multiple U.S. locations and has previously secured power agreements in other states. The Justified Data Campus project extends the company's strategy of co-locating large-scale mining capacity with dedicated power infrastructure rather than relying on wholesale electricity markets.
The 482 MW allocation represents enough electricity to power roughly 460,000 homes at average U.S. consumption levels, though mining operations run continuously at full capacity. The agreement's approval removes a major regulatory hurdle for the project, though construction timelines and actual deployment will depend on site development and grid interconnection work.
TeraWulf's ability to secure long-term power at fixed or predictable rates matters to bitcoin mining economics, where electricity typically comprises 40 to 60 percent of operating costs. The Kentucky agreement locks in supply for a facility at a scale comparable to some of the largest U.S. data center campuses.
