TeraWulf Announces February 2023 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 February 2023.

February 2023 Highlights

• Commenced mining at the Nautilus Cryptomine facility, the first bitcoin mining facility powered by 100% nuclear power in the U.S., exiting the month with approximately 8,000 miners energized.
• Achieved an average operating hash rate of 2.0 EH/s for the month, exiting February with 2.6 EH/s of self-mining capacity following the energization and ramp of self-mining at the Nautilus facility, which represents an 82% month-over-month increase in self-mining hash rate compared to January.
• Self-mined 143 bitcoin in February with an average production rate of 5 bitcoin per day.
• Cost of power in February averaged $7.9k per bitcoin produced, or approximately $0.038/kWh, which is in line with the Company’s targeted power cost of $0.035/kWh across its two mining sites.
• Construction continued at the Lake Mariner facility, where an additional 50 MW of self-mining capacity is expected to come online in early Q2 2023.

Key Metrics1,2	February 2023
Bitcoin Self-Mined	143
Self-Mining Revenue ($M)	$2.9
Hosting Revenue ($M)	$0.4
Power Cost ($M)	$1.4
Avg. Operating Hash Rate (EH/s)	2.0
Revenue per Bitcoin	$23,388
Power Cost per Bitcoin	$7,933

“February was an exceptional month for TeraWulf as the Company achieved another key milestone of completing construction and commencement of mining operations at the Nautilus facility, the first behind-the-meter bitcoin mining facility in the U.S. to utilize 100% nuclear power,” stated Kerri Langlais, Chief Strategy Officer of TeraWulf.

“As we rapidly deploy our 50 MW of zero-carbon self-mining at Nautilus, TeraWulf is busy at Lake Mariner completing construction on Building 2, which is expected to add yet another 50 MW to our capacity, which will increase self-mining capacity another 50% and bring TeraWulf’s total expected operating capacity to 160 MW and 5.5 EH/s in the coming weeks,” added Langlais.