TeraWulf (WULF) Announces November 2022 Production and Operations Updates

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 provided an unaudited monthly production and operations update for November 2022.

November 2022 Highlights

• Self-mined 134 Bitcoin in November 2022, an increase of approximately 13% as compared to October 2022 production of 119 Bitcoin
• Cost of power declined sequentially in November 2022 to approximately $0.035/kWh as compared to approximately $0.058/kWh in October 2022 and approximately $0.089/kWh in Q3 2022
• Remains on track to realize blended cost of power of approximately $0.035/kWh, comprised of approximately $0.045/kWh at the Lake Mariner facility and $0.02/kWh fixed at the Nautilus Cryptomine facility
• Deployed fleet of 17,500 miners achieving hash rate capacity of 2.0 EH/s as of November 30, 2022
• Average operating hash rate of 1.9 EH/s in November 2022, an increase of nearly 20% as compared to October’s average operating hash rate of 1.6 EH/s

Production and Operations Update

As of November 30, 2022, the Company operated approximately 17,500 Bitcoin miners with hash rate capacity of approximately 2.0 EH/s. Of these miners, approximately 11,000 are wholly owned with a hash rate capacity of approximately 1.3 EH/s. The remaining approximately 6,500 miners are hosted, for which the Company receives a hosting fee and share of the mining profit.

Additionally, shipments of approximately 12,450 S19J Pro and S19 XP miners have been initiated out of Bitmain Technologies Limited and are expected to be received by the Company in early Q1 2023.

“November was another solid month for TeraWulf where we achieved an average operating hash rate of over 1.9 EH/s – a more than 170% increase over Q3 2022 – despite the ongoing market headwinds. We also realized a continued and significant reduction in power costs at our Lake Mariner facility. These strong November results are representative of our execution capabilities and support our continued belief that TeraWulf will have a differentiated strategic position relative to other Bitcoin miners in a low-price Bitcoin environment,” stated Paul Prager, Co-founder and Chief Executive Officer of TeraWulf. “In the coming months, we will remain focused on aggressively increasing our deployed hash rate as we work towards our goal of reaching 4.3 EH/s of sustainable, self-mining capacity in the first quarter of 2023.”

Infrastructure Update

As previously announced, construction is estimated to be completed on the Company’s two mining sites in Q1 2023, enabling 160 MW and operational capacity of 5.7 EH/s, including 4.3 EH/s of self-mining. In Q1 2023, the Company expects to achieve total capacity of 110 MW at its wholly owned Lake Mariner facility and 50 MW of net mining capacity at the Nautilus Cryptomine facility, which is a partnership with Talen Energy Corporation and receives power directly from the Susquehanna Nuclear Station at a five-year contracted fixed rate of $0.02 per kilowatt hour, which is among the lowest for any Bitcoin miner in the sector.

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