TeraWulf (WULF) Announces December 2024 Production and Operations Update

TeraWulf Inc. (Nasdaq: WULF) today provided its unaudited monthly production and operations update for December 2024.

December 2024 Production and Operations Highlights

• Bitcoin Production: Self-mined 158 bitcoin, with an average daily production rate of approximately 5.1 bitcoin.
• Operating Capacity: Achieved 9.7 EH/s of installed self-mining capacity, a 94.0% year-over-year increase.
• Power Costs: Achieved an average power cost of $62,805 per bitcoin mined, equivalent to approximately $0.078/kWh, excluding proceeds from demand response and ancillary services.

Management Commentary

“In December, we finalized data center lease agreements totaling over 70 MW of our infrastructure, representing a potential revenue opportunity exceeding $1 billion over the initial 10-year terms," said Paul Prager, TeraWulf’s Chief Executive Officer. "These agreements are a significant milestone for TeraWulf, not only representing our entry into HPC hosting but also demonstrating the immense value of our sustainable and scalable digital infrastructure.”

Prager added, “We are in active discussions with additional tenants to utilize the remaining 178 MW of near-term HPC hosting capacity at Lake Mariner, including our inaugural partner, Core42. Core42 retains a time-limited option for an additional 135 MW of capacity to be delivered in early 2026, further emphasizing the growing demand for our low-cost, predominantly zero-carbon infrastructure. In parallel, we are evaluating strategic site acquisition opportunities to extend our footprint beyond the 750 MW potential at Lake Mariner, solidifying our leadership in the next generation of digital infrastructure.”

Production and Operations Update

TeraWulf’s commitment to operational excellence and sustainability continues to drive its growth across the Company’s bitcoin mining and HPC hosting businesses.

As of December 31, 2024, TeraWulf's operational bitcoin mining capacity was 195 MW with an installed self-mining hash rate of approximately 9.7 EH/s. December’s average hash rate was 8.4 EH/s, reflecting performance tuning to optimize margins in a higher winter power price environment. Construction of miner building 5 (MB-5, 50 MW) is proceeding on schedule, with foundation pours completed and building framing underway, with target completion in mid Q1 2025.

On the WULF Compute front, under the recently announced data center lease agreements, TeraWulf will deliver more than 70 MW of turn-key data center infrastructure to host Core42’s HPC operations at the Lake Mariner facility in Upstate New York. The infrastructure will include the WULF Den (2.5 MW), CB-1 (20 MW), and CB-2 (50 MW), which have all been fully funded.

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