TeraWulf Announces Energization and Rapid Deployment of Mining Operations at the Nautilus Facility in Pennsylvania

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 has now energized roughly half of its 50-MW stake in the Nautilus Cryptomine facility, a joint venture with Cumulus Coin, LLC.

The Nautilus facility represents the first behind-the-meter bitcoin mining facility of its kind, directly sourcing reliable, carbon free, and 24x7 baseload power from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania. Currently, the Company has brought nearly 8,000 of its miners online, representing a hash rate capacity of approximately 1.0 EH/s.

Energization of the Company’s remaining miners (approximately 8,000) will continue over the coming weeks, with TeraWulf’s full share in phase one of the facility - 50 MW and 1.9 EH/s - expected online by May. TeraWulf has the option to add an additional 50 MW of bitcoin mining capacity at the Nautilus facility, which the Company plans to deploy in future phases.

“With the recent energization of the Nautilus facility earlier this month, approximately 16,000 of TeraWulf’s owned miners, representing 1.9 EH/s of self-mining capacity, are onsite and being brought online daily,” said Paul Prager, Chairman and CEO of TeraWulf. “The Nautilus nuclear-powered mining facility benefits from what is arguably the lowest cost power in the sector, just $0.02/kWh for a term of five years,” continued Prager. “We look forward to continuing to work alongside Cumulus Coin as the Nautilus facility increases operational hash rate in the coming weeks.”

In addition to ramping its 50-MW stake in the Nautilus facility, TeraWulf is currently expanding bitcoin mining operations at its wholly owned Lake Mariner facility in New York with the addition of Building 2, which will increase the facility’s operational capacity from 60 MW to 110 MW. Combined, 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 power demand.

As with prior months, TeraWulf intends to provide an unaudited monthly production and operations update for February 2023 in the coming days.

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 is currently operating and/or completing construction of two mining facilities: Lake Mariner in New York, and Nautilus Cryptomine in Pennsylvania. TeraWulf generates domestically produced Bitcoin powered by 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.