TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owner
and operator of vertically integrated, domestic Bitcoin mining
facilities powered by more than 91% zero-carbon energy, today
announced the Company has successfully achieved 5.5 EH/s and 160 MW
of operating capacity following the completion of Building 2 at its
wholly-owned Lake Mariner facility in New York.
TeraWulf began mining bitcoin at the Lake Mariner facility in
March 2022 and, with the completion of Building 2, now has 110 MW
and 3.6 EH/s of operational mining capacity. The Lake Mariner
facility sources grid power in Western New York, where over 91% of
market energy comes from zero-carbon resources, primarily hydro and
nuclear.
The Company began mining at the Nautilus facility, a joint
venture with Cumulus Coin, LLC, in February 2023 and deployed its
full share in phase one of the facility – 50 MW and 1.9 EH/s – in
April 2023. 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.
Image source: Nasdaq.
Organic Expansion Capability
TeraWulf can significantly expand mining operations at its
existing sites. The Lake Mariner facility can expand by another 100
MW in the near term and up to 500 MW in total. At the
nuclear-powered Nautilus facility, TeraWulf retains the option to
expand its mining capacity by 50 MW.
“Our two sites were strategically developed with expansion
potential as a key characteristic. Everything from our power import
capacity to the layout of our warehouses and racks is designed to
grow,” said Paul Prager, Chairman and CEO of
TeraWulf. “Scalability and adaptability are vital, and our
Lake Mariner and Nautilus facilities possess both. With today’s
announcement, having achieved 5.5 EH/s and 160 MW of Bitcoin mining
capacity as promised, we look forward to now setting our sights on
future growth.”
TeraWulf has also developed a strong, collaborative relationship
with the leading mining equipment manufacturer, BITMAIN, which
supports preferred access and advantaged cost structures for ASIC
miners. Bozhao Yu, Antminer Sales Director of NCSA Region, BITMAIN
commented, “The achievement of 5.5 EH/s of mining capacity marks a
key milestone for TeraWulf. With a combination of BITMAIN
Antminers, including S19 XP Pro miners, which have an energy
efficiency of 21.5 J/TH, and S19j Pro and S19 Pro miners, which
have an energy efficiency of 29.5 J/TH, the Company has one of the
most efficient mining fleets in the sector. We are confident in
TeraWulf’s vertically integrated, sustainable, and low-cost
business as we continue to expand our long-term partnership with
the Company.”
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: its
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 utilizing nuclear and hydro 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 f/k/a IKONICS
Corporation and/or the business combination; (11) the ability to
recognize the anticipated objectives and benefits of the business
combination; (12) potential differences between the unaudited
results disclosed in this release and the Company’s final results
when disclosed in its Annual Report on Form 10-K as a result of the
completion of the Company’s final adjustments, annual audit by the
Company’s independent registered public accounting firm, and other
developments arising between now and the disclosure of the final
results; and (13) 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.
Company Contact:Jason AssadDirector of
Corporate Communicationsassad@terawulf.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/73704443-5fbf-4ed8-b65e-01170270d349
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