On track to begin mining in Q3 2022
EASTON, MD., May 10, 2022 /PRNewswire/ — TeraWulf Inc. (NASDAQ: WULF) (“TeraWulf” or the “Company”), which owns and operates fully integrated bitcoin mining facilities in United States powered by over 90% carbon-free energy, today released the following statement regarding the Nautilus Cryptomine facility at Pennsylvaniawhich is a 50/50 joint venture between TeraWulf and Talen Energy Corporation (“Talen”):
The Nautilus Cryptomine facility, which is a joint venture between TeraWulf and Cumulus Coin, LLC, a subsidiary of Talen, remains on track to begin bitcoin mining operations in the third quarter of 2022. The joint venture was funded by the two joint venture partners and continues to build its infrastructure under the leadership of the Nautilus Cryptomine team. It is important to note that Cumulus Coin, a subsidiary of Cumulus Growth Holdings, LLC, is excluded from the Chapter 11 proceedings initiated on May 9, 2022 by Talen Energy Supply, LLC and affiliated debtors in the United States Bankruptcy Court for the Southern District of Texas (Houston Division).
When complete, the Nautilus Cryptomine facility is expected to grow to 300MW – of which 150MW is attributable to TeraWulf – and will benefit from long-term, carbon-free power supply directly from the Susquehanna nuclear plant.
TeraWulf (Nasdaq: WULF) owns and operates fully integrated, environmentally friendly bitcoin mining facilities in United States. Led by an experienced group of energy entrepreneurs, the Company is developing two mining facilities, Lake Mariner Data in New Yorkand Nautilus Cryptomine in Pennsylvania, with the goal of 800 megawatts of mining capacity deployed by 2025, enabling over 23 exahash per second of expected hashrate. TeraWulf will generate locally produced bitcoins powered by nuclear, hydro, and solar power with the goal of using 100% carbon-free energy. With a core ESG objective that ties focus to its business success, TeraWulf expects to deliver an attractive mining economy on an industrial scale.
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. These forward-looking statements include statements regarding anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be considered forward-looking statements. In addition, forward-looking statements are generally identified by words such as “plan”, “believe”, “objective”, “target”, “aim”, “expect”, “anticipate”, “intend”. of”, “outlook”, “estimate”, “plan”, “project”, “continue”, “could”, “may”, “could”, “possible”, “potential”, “predict”, “should” , “would” and other words and phrases, although the absence of such words or phrases 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 anticipated. Actual results could differ materially from those expressed or implied by the forward-looking statements depending on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions of the cryptocurrency mining industry, including market price fluctuation of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including with respect to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among different data mining service providers; (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, use of cryptocurrency, and/or cryptocurrency mining; (4) the ability to implement certain business objectives and execute corporate projects in a timely and cost-effective manner; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with respect to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for manipulation of the cryptocurrency market; (7) the potential for cybercrime, money laundering, malware and phishing infections and/or loss and interference resulting from equipment malfunction or failure, physical disaster, data security breach, computer malfunction or sabotage (and costs associated with any of the above); (8) the availability, delivery schedule and cost of equipment necessary to maintain and develop TeraWulf’s business and operations, including mining equipment and equipment meeting the technical or other specifications required to carry out its growth strategy; (9) employment-related factors, including the loss of key employees; (10) litigation relating to TeraWulf, IKONICS and/or the business combination; (11) the ability to recognize the objectives and expected benefits of the business combination; and (12) and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, shareholders 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 undertakes no obligation to publicly update any forward-looking statement after it is 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.
Michel Freitag / Joseph Sala / Lyle Weston
Joelle FrankWilkinson Brimmer Katcher
SOURCE TeraWulf Inc.