TeraWulf Announces Commencement of Mining Sustainable, Low-Cost Bitcoin

Rhea-AI Summary

TeraWulf Inc. (Nasdaq: WULF) has officially initiated mining operations at its Lake Mariner facility in New York, utilizing over 90% zero-carbon energy. The facility aims to reach more than 500 megawatts of capacity upon completion. Additionally, TeraWulf plans to start operations at its Nautilus Cryptomine facility in Pennsylvania by early Q3 2022, targeting 300 megawatts of capacity with 100% zero-carbon energy. The company strives for 800 megawatts of total capacity by 2025, emphasizing sustainable bitcoin production through nuclear, hydro, and solar energy.

Positive

• Commencement of mining operations at Lake Mariner facility.
• Utilization of over 90% zero-carbon energy at Lake Mariner.
• Plans to launch Nautilus Cryptomine with 300 megawatts capacity using 100% zero-carbon energy.
• Aims for 800 megawatts of mining capacity by 2025.

Negative

• None.

EASTON, Md., March 4, 2022 /PRNewswire/ -- TeraWulf Inc. (Nasdaq: WULF) ("TeraWulf" or the "Company"), which was formed to own and operate fully integrated environmentally clean bitcoin mining facilities in the United States, today announced the commencement of mining operations at its Lake Mariner facility in upstate New York using more than 90% zero-carbon energy. The Lake Mariner facility is expected to reach over 500 megawatts of capacity once complete.

The Company also continues to expect to begin mining at its Nautilus Cryptomine facility in Pennsylvania early in the third quarter of 2022 where it aims to have 300 megawatts of gross mining capacity using 100% zero-carbon energy once complete.

"With the commencement of bitcoin mining, we have officially taken our talented team's proven energy infrastructure model and begun hashing for environmentally sustainable, domestic bitcoin," said Paul Prager, Chief Executive Officer and chair of the board of TeraWulf. "We are proud of our team and excited for the planning and preparation to pay off as we achieve this significant milestone on our path to responsibly generate bitcoin at industrial scale. Today is just the beginning and we look forward to accelerating the ramp of our hashing and operational capabilities at our world-class facilities in New York and Pennsylvania."

About TeraWulf

TeraWulf (Nasdaq: WULF) was formed by an experienced group of energy entrepreneurs to own and operate fully integrated environmentally clean bitcoin mining facilities in the United States. The Company is developing two mining facilities, Lake Mariner in New York and Nautilus Cryptomine in Pennsylvania, with the objective 800 megawatts of mining capacity deployed by 2025, enabling over 23 exahash per second of expected hashrate. TeraWulf will generate domestically produced bitcoin powered by nuclear, hydro and solar energy with a goal of utilizing 100% zero-carbon energy. With a core focus of ESG that ties direction to its business success, TeraWulf expects to offer attractive mining economics at an industrial scale.

For more information on TeraWulf, please visit www.TeraWulf.com or follow @TeraWulfInc on Twitter.

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," "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 data 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 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, IKONICS and/or the business combination; and (11) the ability to recognize the anticipated objectives and benefits of the business combination. 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.

Contacts

TeraWulf Inc.
Michael Freitag / Joseph Sala / Lyle Weston
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

 

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SOURCE TeraWulf Inc.

FAQ

When did TeraWulf announce the commencement of mining operations?

TeraWulf announced the commencement of mining operations on March 4, 2022.

What is the energy source used at TeraWulf's Lake Mariner facility?

The Lake Mariner facility uses more than 90% zero-carbon energy.

What is the expected capacity of TeraWulf's Nautilus Cryptomine facility?

The Nautilus Cryptomine facility aims for 300 megawatts of gross mining capacity.

What is TeraWulf's target for total mining capacity by 2025?

TeraWulf targets 800 megawatts of total mining capacity by 2025.

What are TeraWulf's primary energy sources for bitcoin mining?

TeraWulf plans to use nuclear, hydro, and solar energy to power its bitcoin mining.