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WULF gains 11% after boosting power capacity

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Russia crypto mining pioneer Igor Runets put under house arrest on tax charges

TeraWulf (WULF) rose 11% on Tuesday pre-market after news that the firm acquired two power-heavy industrial sites, more than doubling its energy and computing footprint to 2.8 gigawatts (GW).

The sites — one in Hawesville, Kentucky, and the other in Morgantown, Maryland —add 1.5 gigawatts of capacity, the firm said in a late Monday press release. The company said this will help it meet demand for new large-scale computing and data workloads, as well as support grid reliability in those regions.

The move comes as a growing number of crypto miners position themselves as key players in the artificial intelligence (AI) infrastructure boom. With AI companies in need of data center space, high-powered chips, and vast amounts of electricity, miners have become crucial partners to handle compute needs.

TeraWulf’s Hawesville property, a former industrial site with over 250 buildable acres, includes immediate access to 480 megawatts (MW) of power, including an on-site substation and high-voltage transmission lines. The firm said the location puts it within reach of major Midwest markets and offers a relatively fast path to deploying new compute capacity. The company expects to develop the site in phases.

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In Maryland, TeraWulf picked up the Morgantown Generating Station, a 210 MW power facility with expansion potential to 1 GW. The site is already delivering electricity to the grid and could eventually host 500 MW of compute infrastructure in the first buildout phase, the firm said.

The company said it aims to pair any future computing activity with added power generation to keep the site net-positive for the grid.

TeraWulf now operates across five sites and is targeting 250 to 500 MW of new contracted capacity each year.

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Crypto World

Aave Shutters Avara Brand and Family Crypto Wallet

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Aave Shutters Avara Brand and Family Crypto Wallet

Aave Labs says it is sunsetting its “umbrella brand” Avara in the company’s latest move to refocus on decentralized finance and simplify its branding.

Aave founder and CEO Stani Kulechov posted to X on Tuesday that Avara, a company encompassing projects including the Family crypto wallet and previously the social media platform Lens, “is no longer required as we go all in on bringing Aave to the masses.”

Kulechov said the Apple iOS-based Family crypto wallet was also being wound down as the team has “learned that onboarding millions of users requires purpose-built experiences, such as savings, rather than generic, open-ended wallet experiences.”

The move marks Aave’s latest effort to refocus on products such as its flagship lending protocol as the project handed stewardship of Lens to the Mask Network last month, with Kulechov saying Aave’s role in the protocol would be reduced to an advisory role so it can focus on DeFi.

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Source: Stani Kulechov

Kulechov said in his latest post that Aave was “now united as one team of world-class designers, engineers, and smart contract experts, aligned around a single mission: bringing DeFi to everyone.”

All future projects under Aave Labs

Avara said in a blog post that “all current and future products, including the Aave App, Aave Pro, and Aave Kit, will operate under Aave Labs” to simplify the brand.

It added that accounts linked to the Family wallets “will continue as core infrastructure within Aave Labs products,” but the iOS app would be wound down over the next year.

No new users will be onboarded to the app from April 1, and existing users can continue using the app until April 1, 2027, and will continue to have full access to their funds on Aave’s website.

Related: There is no trust in DeFi without proper risk management

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Aave is the biggest DeFi protocol with $30 billion in total value locked, nearly $9 billion more than the next largest project, the staking protocol Lido, which has $21.7 billion in value locked, according to DefiLlama.