TeraWulf Addresses U.S. Bank Closures

Rhea-AI Summary

TeraWulf Inc. (Nasdaq: WULF) announces no cash reserves at Silicon Valley Bank or Silvergate Capital, deeming its exposure to Signature Bank as immaterial. The company holds approximately $250,000 in cash deposits at Signature Bank, within the FDIC-insured limit. TeraWulf operates Bitcoin mining facilities powered by over 91% zero-carbon energy in the U.S., with a focus on environmentally sustainable practices. The company aims for 100% zero-carbon energy usage in its operations. TeraWulf's business strategy is centered around ESG principles tied to its success.

Positive

• Operates Bitcoin mining facilities powered by over 91% zero-carbon energy.
• Currently holds $250,000 in cash deposits at Signature Bank, within the FDIC limit.
• Focus on achieving 100% zero-carbon energy usage aligns with ESG goals.

Negative

• Limited cash reserves at Signature Bank may hinder financial flexibility.

EASTON, Md.--(BUSINESS WIRE)-- 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 confirmed that it does not hold any cash or maintain any accounts at Silicon Valley Bank or Silvergate Capital, and considers its exposure to any liquidity concerns at Signature Bank to be immaterial.

TeraWulf currently holds approximately $250,000 in cash deposits at Signature Bank, which is the FDIC-insured limit, with the balance of the Company’s bank deposits held at other financial institutions.

About TeraWulf

TeraWulf (Nasdaq: WULF) owns and operates vertically integrated, environmentally clean Bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company is currently operating two mining facilities: Lake Mariner in New York, and Nautilus Cryptomine in Pennsylvania. TeraWulf generates domestically produced Bitcoin powered by 91% nuclear, hydro, and solar energy 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 offer attractive 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; (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) 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); (8) 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; (9) employment workforce factors, including the loss of key employees; (10) litigation relating to TeraWulf, RM 101 Inc. (f/k/a IKONICS Corporation) and/or the business combination; (11) the ability to recognize the anticipated objectives and benefits of the business combination; 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230313005773/en/

Sandy Harrison

harrison@terawulf.com

(410) 770-9500

Source: TeraWulf Inc.

FAQ

What is TeraWulf's cash position as of the latest press release?

TeraWulf holds approximately $250,000 in cash deposits at Signature Bank, which is the FDIC-insured limit.

Does TeraWulf have exposure to Silicon Valley Bank or Silvergate Capital?

No, TeraWulf confirmed that it does not hold any cash or maintain any accounts at Silicon Valley Bank or Silvergate Capital.

How much of TeraWulf's energy is zero-carbon?

TeraWulf operates its mining facilities powered by over 91% zero-carbon energy.

What are TeraWulf's goals regarding energy use?

TeraWulf aims to achieve 100% zero-carbon energy usage in its operations.

What is TeraWulf's stock symbol?

TeraWulf is traded under the stock symbol WULF on Nasdaq.