TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners and operators of vertically integrated, domestic Bitcoin mining facilities powered by more than 91% zero-carbon energy, today announced that the Company has now fully energized 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, 24x7 baseload power from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania. The Company successfully deployed its full share in phase one of the facility - 50 MW and 1.9 EH/s – ahead of schedule. TeraWulf has the option to add an additional 50 MW of mining capacity at the Nautilus facility, which the Company plans to deploy in future phases.

With TeraWulf’s stake in the Nautilus facility now fully ramped to 50 MW, the Company currently has an operating hashrate of 4 EH/s, reflecting a nearly 100% increase year to date. TeraWulf has an operational fleet of approximately 34,500 of the latest generation miners, comprised of 18,500 miners at its wholly owned Lake Mariner facility in New York (5,000 of which are hosted) and 16,000 self-miners at the nuclear-powered Nautilus facility in Pennsylvania.

“Our team has been working swiftly and diligently to achieve our stated goal of reaching 5.5 EH/s of operational mining capacity in Q2 2023,” said Paul Prager, Chairman and CEO of TeraWulf. “Deploying 50 MW of mining capacity at the Nautilus facility is an important milestone for the Company. Not only does it represent the first nuclear-powered Bitcoin mining facility in the U.S., but TeraWulf now has the opportunity to realize the economic advantage of 50 MW of zero-carbon mining at what is arguably the lowest contracted power cost in the sector – just $0.02/kWh for a term of five years,” continued Prager.

In addition to the 50 MW of self-mining capacity online now at Nautilus, TeraWulf currently has 60 MW operational at Lake Mariner and is in final stages of construction on Building 2, which will increase Lake Mariner’s operational capacity to over 110 MW in the coming weeks. Combined, the Company expects to have a total operational capacity of 50,000 miners (5.5 EH/s) in Q2 2023, representing approximately 160 MW of power demand.