TeraWulf Reaffirms Business as Usual at the Nautilus Facility Amid Talen’s Sale of Data Center Campus

Announces Exercise of Option to Expand at Nautilus

Highlights Value of Over 300 MW of Available Digital Infrastructure Capacity at Lake Mariner Facility

EASTON, Md., March 04, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners and operators of vertically integrated, domestic bitcoin mining facilities powered by more than 95% zero-carbon energy, today issued the following statement regarding Talen’s sale of the Cumulus data center campus and disclosed the exercise of its option to increase its energy resources by an additional 50 MW at the Nautilus facility, bringing TeraWulf’s bitcoin mining capacity at the Pennsylvania site to 100 MW.

“I extend congratulations to our valued partner, Talen, on the sale of the Cumulus data center campus to Amazon Web Services,” said Paul Prager, Chief Executive Officer of TeraWulf. “This sale underscores the considerable value of scalable infrastructure with access to low-cost, sustainable power adaptable for high-performance computing or AI.” 

“Talen's recent announcement also highlights the significant value inherent within our wholly-owned Lake Mariner facility in Upstate NY, with over 300 MW of available capacity ideally situated to support data center infrastructure with access to an abundant supply of 93% zero-carbon power,” continued Prager.

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. 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 – in April 2023. TeraWulf’s additional 50 MW of capacity at the Nautilus facility is expected to come online in 2025 and could accommodate up to 2.5 EH/s of operational mining capacity.

TeraWulf’s current 50 MW of operational bitcoin mining at the Nautilus facility benefits from a direct supply of zero-carbon power contracted at a fixed rate of 2.0 cents per kilowatt-hour for a term of five years with two successive three-year renewal options.

Nazar Khan, Chief Operating Officer of TeraWulf, stated, “We’re excited to announce our plans to double TeraWulf’s bitcoin mining capacity at the Nautilus facility in the next year. With the upcoming halving event in mind, this expansion brings significant benefits for TeraWulf as we expand our operations with the Nautilus site’s leading lowest cost of power at just two cents per kilowatt hour.”