TeraWulf Chief Executive Paul Prager welcomed New York's new data center moratorium as a win for the company. However, investors disagreed, sending WULF shares down about 7% the same day. The divide followed Governor Kathy Hochul's executive order, which paused permits for large new data centers.
New York Moratorium
Hochul signed the order on July 14, creating the first statewide freeze on new hyperscale data centers. The state halted discretionary permits not already deemed complete. During the pause, regulators will prepare a Generic Environmental Impact Statement to assess impacts on energy demand, water use, and air quality.
TeraWulf Reaction
TeraWulf runs the Lake Mariner campus in New York and is developing a second site at Lake Hawkeye. The company is shifting from Bitcoin mining toward artificial intelligence and high-performance computing. Prager argued that the order rewards permitted, power-secured projects over speculative ones, noting that Lake Mariner is operational and its expansions are fully permitted. Despite this, WULF shares closed down 7.08% at $19.41 on July 14. The full impact on TeraWulf's New York pipeline will become clearer as the review progresses
Based on reporting from crypto.news.