TeraWulf Announces March 2024 Production and Operations Update

                     8 EH/s of installed and operational self-mining capacity

Building 4 (35 MW) at Lake Mariner nearing final construction, providing path to 10 EH/s by mid-2024

 EASTON, Md., April 02, 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 provided an unaudited monthly production and operations update for March 2024.

March 2024 Production and Operations Highlights        

• Self-mined 379 bitcoin in March with an average production rate of 12.2 bitcoin per day.
  
  
• Power cost averaged $13,798 per bitcoin self-mined, or approximately $0.035/kWh in March, which excludes the benefit of expected demand response or ancillary services proceeds.
  
  
• Installed hash rate increased month-over-month to 8 EH/s exiting March, primarily due to the replacement of approximately 1,000 older generation miners with S19k Pro miners.
  
  
• In early April, an additional 3,000 S19k Pro miners are expected to be delivered and energized at the Lake Mariner facility and deployed to replace older generation miners and expand the miner fleet.

Key Metrics 1	March 2024		February 2024
Bitcoin Self-Mined Lake Mariner		290		276
Bitcoin Self-Mined Nautilus 2		89		88
Value per Bitcoin Self-Mined 3	$67,354		$49,080
Power Cost per Bitcoin Self-Mined	$13,798		$13,968
Avg. Operating Hash Rate (EH/s) 4		7.6		7.5

Management Commentary

“In addition to replacing older generation miners, during March, Lake Mariner implemented third-party firmware across a significant portion of our mining fleet, with initial results indicating a potential 10% efficiency improvement,” said Sean Farrell, SVP of Operations at TeraWulf.

Farrell further stated, “Additionally, Lake Mariner continues to actively engage in demand response programs. Our recent expansion of qualified capacity within the NYISO Operating Reserve program reflects our ongoing commitment to operational efficiency and resource management.”