TeraWulf Announces November 2022 Production and Operations Updates

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 provided an unaudited monthly production and operations update for November 2022.

November 2022 Highlights

• Self-mined 134 Bitcoin in November 2022, an increase of approximately 13% as compared to October 2022 production of 119 Bitcoin
• Cost of power declined sequentially in November 2022 to approximately $0.035/kWh as compared to approximately $0.058/kWh in October 2022 and approximately $0.089/kWh in Q3 2022
• Remains on track to realize blended cost of power of approximately $0.035/kWh, comprised of approximately $0.045/kWh at the Lake Mariner facility and $0.02/kWh fixed at the Nautilus Cryptomine facility
• Deployed fleet of 17,500 miners achieving hash rate capacity of 2.0 EH/s as of November 30, 2022
• Average operating hash rate of 1.9 EH/s in November 2022, an increase of nearly 20% as compared to October’s average operating hash rate of 1.6 EH/s

Key Metrics	Q3 2022	October 2022	November 2022
Bitcoin (Self-Mined)	117	119	134
Self-Mining Revenue ($M)	$2.4	$2.3	$2.4
Hosting Revenue ($M)	$1.4	$0.9	$0.7
Power Cost ($M)	$4.8	$2.0	$1.4
Avg. Operating Hash Rate (EH/s)	0.7	1.6	1.9
Revenue per Bitcoin	$20,657	$19,646	$17,617
Power Cost per Bitcoin	$20,732	$11,060	$6,151

Production and Operations Update