TeraWulf Announces Full Deployment of 50 MW at Nautilus Bitcoin Mining Facility Ahead of Schedule

TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners and operators of vertically integrated domestic Bitcoin mining facilities powered by more than 91% zero-carbon energy, announced today that the Company has now fully energized its 50-MW stake in the Nautilus Cryptomine facility, a joint venture with Cumulus Coin, LLC.

The Nautilus facility represents the first back-meter Bitcoin mining facility of its kind, directly deriving reliable, carbon-free, 24×7 baseload power from the 2.5 GW Susquehanna Nuclear Power Plant in Pennsylvania. The company implemented its full share in phase one of the facility – 50 MW and 1.9 EH/s – ahead of schedule. TeraWulf has the option to add an additional 50 MW of mining capacity at the Nautilus facility, which the company plans to deploy in future phases.

With TeraWulf’s stake in the Nautilus facility now fully up to 50 MW, the company currently has an operating hash rate of 4 EH/s, reflecting a nearly 100% year-to-date increase. TeraWulf has an operational fleet of approximately 34,500 of the latest generation miners, consisting of 18,500 miners at the wholly-owned Lake Mariner facility in New York (of which 5,000 are hosted) and 16,000 self-miners at the nuclear-powered Nautilus facility in Pennsylvania.

“Our team has been working quickly and diligently to achieve our stated goal of reaching 5.5 EH/s of operational mining capacity by Q2 2023,” said Paul Prager, Chairman and CEO of TeraWulf. “Deploying 50 MW of mining capacity at the Nautilus plant is an important milestone for the company. Not only does it represent the first nuclear-powered Bitcoin mining facility in the US, but TeraWulf now has the opportunity to realize the economic benefit of 50 MW of zero-carbon mining at what is arguably the lowest contracted power cost in the sector – just $0.02/kWh for a period of five years,” continued Prager.

In addition to the 50 MW of self-extraction capacity now online at Nautilus, TeraWulf currently has 60 MW in operation at Lake Mariner and is in the final stages of construction on Building 2, which will increase Lake Mariner’s operational capacity to over 110 MW in the coming the time weeks. Altogether, the company expects to have a total operating capacity of 50,000 miners (5.5 EH/s) in Q2 2023, representing approximately 160 MW of power demand.

About TeraWulf

TeraWulf (Nasdaq: WULF) owns and operates vertically integrated, environmentally friendly Bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the company currently has two Bitcoin mining facilities: the wholly owned Lake Mariner facility in New York, and the Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. TeraWulf generates domestically produced Bitcoin powered by nuclear, hydro and solar power with a goal of harnessing 100% zero carbon energy. With a core focus on ESG that is directly linked to business success, TeraWulf expects to offer attractive mining economics on an industrial scale.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements about expected future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that may be considered forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan”, “believe”, “goal”, “goal”, “goal”, “expect”, “anticipate”, “intend”, “outlook”, “estimate”, “forecast” “, “project”, “continue”, “could”, “can”, “perhaps”, “possible”, “potential”, “predict”, “should”, “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. No guarantee can be given that future developments will be as expected. Actual results may differ materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including but not limited to: (1) conditions in the cryptocurrency mining industry, including fluctuations in the market pricing of Bitcoin and other cryptocurrencies; and the economics of cryptocurrency mining, including variables or factors that affect the cost, efficiency and profitability of cryptocurrency mining; (2) competition between the various cryptocurrency mining service providers; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s business or the industries in which it operates, including regulation regarding power generation, use of cryptocurrency and/or mining of cryptocurrency; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) inability to obtain sufficient financing on a timely basis and/or on acceptable terms with respect to growth strategies or operations; (6) loss of public confidence in Bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) potential for cybercrime, money laundering, malware infections and phishing and/or loss and disruption resulting from equipment failure or breakdown, physical disaster, computer security breach, computer failure or sabotage (and the costs associated with any of the foregoing (8) the availability, delivery schedule and cost of equipment necessary to maintain and expand the business and operations of TeraWulf, including mining equipment and infrastructure equipment that meet the technical or other specifications required to achieve the growth strategy; (9) labor employment factors, including losses of key employees; (10) litigation related to TeraWulf, RM 101 f/k/a IKONICS Corporation and/or the business combination; and (11) other risks and uncertainties described from time to time in the Company’s filings with the Securities and Exchange Commission (“ SEC”). Prospective investors, shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. TeraWulf undertakes no obligation to publicly update any forward-looking statement after it has been made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the complete discussion of risks and uncertainties related to forward-looking statements and the discussion of risk factors in the company’s filings with the SEC, which are available at www.sec.gov.

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