TeraWulf Announces it Has Deployed BITMAIN Miners at the Nuclear-Powered Nautilus Facility

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.