• Advancements of AI/HPC digital infrastructure projects at Lake Mariner
  
• 10 EH/s of installed and operational self-mining capacity, up 100.0% Y-o-Y
• Completion of Building 4 at Lake Mariner in July

EASTON, Md., Aug. 05, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners and operators of vertically integrated, domestic bitcoin mining facilities powered by 95% zero-carbon energy, today provided an unaudited monthly production and operations update for July 2024.

July 2024 Production and Operations Highlights

• Self-Mined Bitcoin: Mined 195 bitcoin in July with an average production rate of approximately 6.3 bitcoin per day.
• Operating Capacity: TeraWulf's installed and operational self-mining capacity reached approximately 10 EH/s, representing a 100.0% year-over-year increase.
• Power Cost: Averaged $36,346 per bitcoin self-mined in July, reflecting an approximate rate of $0.047/kWh and excluding the benefit of expected demand response or ancillary services proceeds, which are expected to be substantial, as described below.
• Demand Response: The Lake Mariner facility curtailed over 3,400 MWh in connection with demand response activities in July, which is expected to reduce power costs by approximately $0.013/kWh in the month. TeraWulf’s demand response savings represent the equivalent value of approximately 31 BTC using July’s “Value per Bitcoin Self-Mined” in the table below.

Management Commentary

“During July, the Company mined 195 bitcoin, equivalent to approximately 6.3 bitcoin per day, an improvement over June’s production due to operational optimization during peak summer temperatures coupled with demand response for grid support,” said Sean Farrell, SVP of Operations at TeraWulf.

“The Lake Mariner team has installed a total of approximately 10,000 Bitmain S21 and S21 Pro miners in Building 4 , boosting the Company’s total operating capacity to over 10.0 EH/s with 245 MW of infrastructure operating capacity across its two sites. We expect to utilize this capacity fully during periods of lower energy prices and moderate temperatures,” continued Farrell. “For the second half of 2024, construction has started on Building 5 at Lake Mariner, which is expected to add another 50 MW of infrastructure capacity. Additionally, we are advancing our AI/HPC projects, including the upcoming 2 MW 'WULF Den' proof-of-concept project and the 16 MW ‘CB-1’ colocation building, which are set to demonstrate our high-density computing capabilities⁵.”

Production and Operations Update

As of July 31, 2024, TeraWulf's operational infrastructure capacity comprised 195 MW at the Lake Mariner facility and 50 MW at the Nautilus facility, with the Company's total self-mining hash rate at approximately 10.0 EH/s. In July, TeraWulf's miners operated at an average of 8.0 EH/s due to frequent demand response events and performance tuning aimed at maximizing profit every hour of the day.

Regarding WULF Compute’s pursuit of a large-scale, AI/HPC project at the Lake Mariner facility, progress continues on the previously announced construction of a 2 MW AI/HPC digital infrastructure proof-of-concept building, supporting current and next-generation GPU technology. TeraWulf is also designing a 20 MW colocation pilot project (“CB-1”) at the Lake Mariner facility capable of supporting 16 MW of critical IT load with liquid cooling and redundancy requirements typical of a Tier 3 data center, with a target operational date in Q4 2024.

About TeraWulf

TeraWulf owns and operates vertically integrated, environmentally clean bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company currently has two bitcoin mining facilities: the wholly owned Lake Mariner facility in New York, and Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. TeraWulf generates domestically produced bitcoin powered by approximately 95% zero carbon energy resources including nuclear, hydro, and solar with a goal of utilizing 100% zero-carbon energy. With a core focus on ESG that ties directly to its business success, TeraWulf expects to provide industry leading mining economics at an industrial scale.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Company Contact:
Jason Assad
Director of Corporate Communications
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(678) 570-6791