On the way to start mining in the third quarter of 2022
EASTON, Maryland, May 10, 2022 / PRNewswire / – TeraWulf Inc. (NASDAQ: WULF) (“TeraWulf” or “Company”), which owns and operates fully integrated bitcoin mining facilities in the United States powered by more than 90% carbon-free energy, today issued the following statement on the installation of Nautilus Cryptomine in Pennsylvaniawhich is a 50/50 joint venture between TeraWulf and Talen Energy Corporation (“Talen”):
The installation of Nautilus Cryptomine, a joint venture between TeraWulf and Cumulus Coin, LLC, a subsidiary of Talen, is set to begin bitcoin mining operations in the third quarter of 2022. The joint venture was funded by both business partners. joint as it continues with its infrastructure construction under the direction of the Nautilus Cryptomine team. It is important to note that Cumulus Coin, a subsidiary of Cumulus Growth Holdings, LLC, is excluded from Chapter 11 proceedings initiated on May 9, 2022 by Talen Energy Supply, LLC and related debtors in the United States Bankruptcy Court of the Southern District of Texas (Houston Division).
Once completed, the Nautilus Cryptomine installation is expected to reach 300 MW (with 150 MW attributable to TeraWulf) and benefit from a long-term, carbon-free energy source directly from the Susquehanna nuclear power plant.
TeraWulf (Nasdaq: WULF) owns and operates fully integrated and environmentally clean bitcoin mining facilities in the 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 deployed mining capacity by 2025, allowing more than 23 exahash per second of expected hashrate. TeraWulf will generate nationally produced bitcoins powered by nuclear, hydraulic and solar energy with the goal of using 100% carbon-free energy. With a central focus of ESG linking management to its business success, TeraWulf hopes 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, 1995, as amended. Such forward-looking statements include statements about anticipated future events and expectations that are not historical facts. All statements, except for historical fact statements, are statements that could be considered forward-looking statements. In addition, forward-looking statements are often identified by words such as “plan,” “believe,” “goal,” “goal,” “aspire,” “expect,” “anticipate,” “try,” “perspective.” “estimate”, “forecast”, “project”, “continue”, “could”, “could”, “could”, “possible”, “potential”, “predict”, “should”, “would” and the like words and expressions, although the absence of such words or expressions does not mean that a statement is not prospective. Forward-looking statements are based on 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. It cannot be guaranteed that future developments will be as planned. Actual results may differ materially from those expressed or implied in forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, but not limited to: (1) the conditions of the cryptocurrency mining industry, including fluctuations in market prices. of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including variables or factors that affect the cost, efficiency, and profitability of cryptocurrency mining; (2) competition between different data mining service providers; (3) changes in applicable laws, regulations and / or permits that affect TeraWulf’s operations or the industries in which it operates, including regulations regarding the generation of power, the use of cryptocurrencies and / or the mining of cryptocurrencies; (4) the ability to implement certain business objectives and to implement integrated projects in a timely and cost-effective manner; (5) failure to obtain adequate funding in a timely and / or acceptable manner 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 as a result of computer malfunction or failure, physical disasters, data breach, computer malfunction, or computer sabotage ( and the costs associated with any of the above); (8) the availability, delivery schedule, and cost of the equipment needed to maintain and grow TeraWulf’s business and operations, including mining equipment and equipment that meet the technical or other specifications necessary to achieve its strategy. of growth; (9) employment factors, including loss of key employees; (10) disputes related to TeraWulf, IKONICS and / or a combination of companies; (11) the ability to recognize the intended goals and benefits of the business combination; and (12) and other detailed risks and uncertainties from time to time in the Company’s files with the Securities and Exchange Commission (“SEC”). Potential investors, shareholders and other readers are cautioned not to unduly trust these forward-looking statements, which only speak from the date they were made. TeraWulf assumes no obligation to publicly update any forward-looking statements after they have been made, whether as a result of new information, future events or otherwise, unless required by law or regulation. Investments refer to the full discussion of the risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the company’s files with the SEC, which are available at www.sec.gov.
Michael Freitag / Xosé Sala / Lyle Weston
Joele FrankWilkinson Brimmer Katcher
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SOURCE TeraWulf Inc.