TerraHex rebrand signals Nigeria’s 18MW bitcoin-AI compute push

Terrahash’s rebrand to TerraHex Digital Assets Corp is signalling a bold push into Nigeria’s growing digital infrastructure space, with the company securing 18 megawatts of power to drive bitcoin mining and artificial intelligence (AI) compute operations.

The announcement, made in Las Vegas, shows the company’s plan to move beyond traditional bitcoin mining into a broader high-performance computing business powered by underutilised energy.

Founded in 2025 by Olumayowa Ogunnusi, TerraHex is building infrastructure that converts stranded or unused electricity, especially from gas-powered sources, into digital value. Its model combines bitcoin mining with AI computing services, allowing it to generate revenue from energy that would otherwise go to waste.

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The company said the new name reflects this dual focus. While hash is linked to bitcoin mining, hex represents hexadecimal code, a core language used in both blockchain systems and modern computing, including AI.

At the centre of TerraHex’s expansion is its Power-for-Equity model, where the company partners with energy providers. TerraHex brings funding, equipment, and operational expertise, while partners contribute unused power in exchange for equity stakes in each project.

As part of this strategy, TerraHex has signed heads of terms with Shoreline Power for a planned joint venture at its facility in Afisiere, OML 30, Delta State.

The site will host the company’s proof-of-concept project, where high-performance computing systems will be deployed to begin operations.

With this agreement, TerraHex said its secured power capacity has reached 18MW, with the potential to scale further after the initial phase is completed.

Olumayowa Ogunnusi, CEO of TerraHex, said: “TerraHex reflects the direction the business is taking and the scale of what we are building. As digital infrastructure, energy, and bitcoin-linked compute become more closely linked, we are putting the right partnerships, structure and governance in place to build with a long-term view. Our focus now is on turning that foundation into disciplined deployment across the markets where we see the strongest potential.”

TerraHex operates through a three-tier structure comprising a Delaware parent company, a UAE holding company wholly owned by the Delaware parent, and operating SPVs majority-owned by the UAE holding entity, with power partners holding the balance at each site. Nigerian operations are managed through an operations and management vehicle, and Templars serves as legal and regulatory counsel for Nigerian operations.

To support this next phase, the company has also strengthened its governance structure by setting up a board with experience across energy, finance, law, and infrastructure.

The board includes Patrick J. Sweeney, who serves as chairman, alongside David Saab, a former JP Morgan managing director, and Dayo Okusami, a partner at TEMPLARS.

The board brings experience across oil and gas, fixed income, data centres, venture law, cross-border commercial growth and energy regulation. That reflects the realities of building digital infrastructure across frontier energy markets.

Patrick J. Sweeney, Board Chair at TerraHex, said: “In this sector, a lot comes down to the quality of the fundamentals. TerraHex is starting with clean power access and agile operating structure, which is exactly where the focus should be if the business is going to scale quickly to serve the market. The next step is to execute well at site level and build from there with discipline and integrity. I am pleased to be part of that journey.”

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Toks Abimbola, director of business development, Shoreline said: “This is the kind of opportunity that stands out because it brings together timing, infrastructure and a clear commercial model. TerraHex is approaching that opportunity with discipline, and we are pleased to support the next phase of the project.”

TerraHex is preparing for proof-of-concept deployment as it builds out its longer-term infrastructure plans. Ahead of Bitcoin 2026, TerraHex is focused on strengthening the commercial, legal, and governance foundations for the next stage.

For Nigeria, TerraHex’s move highlights a growing trend where technology companies are tapping into unused energy resources to build digital infrastructure.

As global demand for both bitcoin mining and AI computing continues to rise, projects like TerraHex’s could position Nigeria as a key destination for energy-backed tech investments.