TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, domestic Bitcoin mining facilities powered by more than 91% zero-carbon energy, today announced that the Company is deploying solely BITMAIN Technologies Ltd. (“BITMAIN”) manufactured mining equipment to fill its 50 MW of capacity at the nuclear-powered Nautilus bitcoin mining facility.

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BITMAIN miners at TeraWulf’s Nautilus Cryptomine facility. (Photo: TeraWulf)

The Nautilus facility represents the first behind-the-meter bitcoin mining facility of its kind, directly sourcing reliable, carbon-free, 24x7 baseload power from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania. TeraWulf recently commenced mining operations at Nautilus and expects its full share in phase one of the facility – 50 MW and 1.9 EH/s – to be online by May. The Company has the option to add an additional 50 MW of bitcoin mining capacity at the Nautilus facility, for a total of 100 MW, which TeraWulf plans to deploy in future phases.

TeraWulf purposefully paired BITMAIN’s industry leading, latest generation bitcoin miners with Nautilus’s uninterrupted, fixed 2-cent nuclear power to deliver maximum margins all hours of the year. The Company is deploying a combination of BITMAIN miners including their S19 XP Pro miners, which have a processing power of 140 TH/s and energy consumption of 3 kW, for an efficiency rate of 21.5 J/TH, as well as S19j Pro and S19 Pro miners, which have a processing power of 100 TH/s and energy consumption of approximately 3 kW, for an efficiency rate of 30 J/TH.

“BITMAIN’s carbon neutral strategy and best-in-class mining equipment make BITMAIN an ideal partner to scale our zero-carbon digital infrastructure at Nautilus,” said Paul Prager, Chairman and CEO of TeraWulf. “I am very pleased to note that the roughly 8,000 BITMAIN miners energized thus far at Nautilus have been stable and operating efficiently.”

In addition to ramping its 50-MW stake in the Nautilus facility, TeraWulf is currently expanding mining operations at its wholly owned Lake Mariner facility in New York with the addition of Building 2, which is expected to increase the facility’s operational capacity from 60 MW to 110 MW. Across its two sites, the Company expects to have a total operational capacity of 50,000 miners (5.5 EH/s) in early Q2 2023, representing approximately 160 MW of mining infrastructure.

“The energization of the nuclear-powered Nautilus facility marks a key milestone for TeraWulf as they rapidly scale their self-mining operations. The high performance and low energy consumption of our BITMAIN miners represent the perfect complement to TeraWulf’s sustainable and low-cost mining business. We look forward to continuing our long-lasting partnership with TeraWulf,” commented Xmei Lin, President of Mining at BITMAIN. “BITMAIN’s guiding principles in business partnerships are mutually beneficial, long-lasting, and sustainable. Our strategic relationship with TeraWulf represents these core values.”

At the Lake Mariner facility in New York, which also utilizes BITMAIN machines, TeraWulf has effectively leveraged BITMAIN’s economy mode management interface (“E-Mode”) to operate miners safely and efficiently through extreme weather events. Operating BITMAIN miners in E-Mode reduces their heat generation, which allows operators to slow down fans and close dampers, thereby protecting the electrical infrastructure from moisture infiltration during seasonal storms.

About TeraWulf

TeraWulf (Nasdaq: WULF) owns and operates vertically integrated, environmentally clean 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 Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. TeraWulf generates domestically produced Bitcoin powered by 91% nuclear, hydro, and solar energy with a goal of utilizing 100% zero-carbon energy. With a core focus on ESG that ties directly to its business success, TeraWulf expects to offer attractive mining economics at 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 concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “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. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of Bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in Bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (9) employment workforce factors, including the loss of key employees; (10) litigation relating to TeraWulf, RM 101 Inc. (f/k/a IKONICS Corporation) and/or the business combination; (11) the ability to recognize the anticipated objectives and benefits of the business combination; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

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