TeraWulf Powers Up: 5.5 EH/s of Domestic Bitcoin Mining Online by Q2 ’23

• TeraWulf Inc. (Nasdaq: WULF) has announced the energization and rapid deployment of mining operations at the Nautilus facility in Pennsylvania.
• The Nautilus Cryptomine is the first behind-the-meter bitcoin mining facility powered by 100% nuclear power.
• TeraWulf has brought nearly 8,000 miners online with a hash rate capacity of approximately 1.0 EH/s and plans to bring its full share in phase one of the facility online by May.

TeraWulf Announces Energization and Rapid Deployment of Mining Operations

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 24×7 baseload power from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania.

Benefits From Fixed Power Cost

Currently, the Company has brought nearly 8,000 of its miners online, representing a hash rate capacity of approximately 1.0 EH/s. TeraWulf benefits from a fixed power cost at Nautilus of only $0.02 per kilowatt hour for five years. Company targets total online capacity of 5.5 EH/s (50,000 miners, 160 MW) across its two sites in Q2 ’23.

Expansion Plans

Energization of the Company’s remaining miners (approximately 8,000) will continue over the coming weeks with TeraWulf’s full share in phase one expected online by May. TeraWulf also has an option to add an additional 50 MW of bitcoin mining capacity at the Nautilus facility which it plans to deploy in future phases. In addition to ramping up operations at the Nautilus facility , TeraWulf is currently expanding bitcoin mining operations at its wholly owned Lake Mariner facility in New York with Building 2 increasing operational capacity from 60 MW to 110 MW.

Paul Prager Statement

Paul Prager – Chairman and CEO stated “With recent energization earlier this month nearly 16000 miners representing 1 . 9 EH / s are onsite & being brought online daily . The Nautilus nuclear – powered mining benefit from what is arguably lowest cost power sector just 0 . 02 / kWh for term 5 y ears” . He further added “We look forward to continuing work alongside Cumulus Coin as N aut i lus increases operational hash rate & coming weeks” .

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