On Observe to Start Mining In Third Quarter 2022
EASTON, Md., Might 10, 2022 /PRNewswire/ — TeraWulf Inc. (NASDAQ: WULF) (“TeraWulf” or the “Firm”), which owns and operates absolutely built-in bitcoin mining amenities in america powered by greater than 90% zero-carbon power, right this moment issued the next assertion concerning the Nautilus Cryptomine facility in Pennsylvania, which is a 50/50 three way partnership between TeraWulf and Talen Power Company (“Talen”):
The Nautilus Cryptomine facility, which is a three way partnership between TeraWulf and Cumulus Coin, LLC, a subsidiary of Talen, stays on monitor to start bitcoin mining operations within the third quarter of 2022. The three way partnership has been funded by each three way partnership companions and is constant its infrastructure buildout below the course of the Nautilus Cryptomine crew. Importantly, Cumulus Coin, a subsidiary of Cumulus Progress Holdings, LLC, is excluded from the Chapter 11 proceedings initiated on Might 9, 2022 by Talen Power Provide, LLC and affiliated debtors within the U.S. Chapter Court docket for the Southern District of Texas (Houston Division).
As soon as full, the Nautilus Cryptomine facility is predicted to succeed in 300 MW – with 150 MW attributable to TeraWulf – and can profit from long-term, zero-carbon energy provide instantly from the Susquehanna nuclear energy technology station.
About TeraWulf
TeraWulf (Nasdaq: WULF) owns and operates absolutely built-in environmentally clear bitcoin mining amenities in america. Led by an skilled group of power entrepreneurs, the Firm is creating two mining amenities, Lake Mariner Knowledge in New York, and Nautilus Cryptomine in Pennsylvania, with the target of 800 megawatts of mining capability deployed by 2025, enabling over 23 exahash per second of anticipated hashrate. TeraWulf will generate domestically produced bitcoin powered by nuclear, hydro and photo voltaic power with a objective of using 100% zero-carbon power. With a core focus of ESG that ties course to its enterprise success, TeraWulf expects to supply enticing mining economics at an industrial scale.
Ahead-Trying Statements
This press launch comprises forward-looking statements throughout the that means of the “secure harbor” provisions of the Non-public Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements embody statements regarding anticipated future occasions and expectations that aren’t historic info. All statements, aside from statements of historic truth, are statements that may very well be deemed forward-looking statements. As well as, forward-looking statements are sometimes recognized by phrases corresponding to “plan,” “imagine,” “objective,” “goal,” “purpose,” “count on,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “challenge,” “proceed,” “may,” “could,” “would possibly,” “doable,” “potential,” “predict,” “ought to,” “would” and different comparable phrases and expressions, though the absence of those phrases or expressions doesn’t imply {that a} assertion shouldn’t be forward-looking. Ahead-looking statements are based mostly on the present expectations and beliefs of TeraWulf’s administration and are inherently topic to quite a few components, dangers, uncertainties and assumptions and their potential results. There will be no assurance that future developments will probably be these which were anticipated. Precise outcomes could range materially from these expressed or implied by forward- wanting statements based mostly on quite a few components, dangers, uncertainties and assumptions, together with, amongst others: (1) circumstances within the cryptocurrency mining trade, together with fluctuation out there pricing of bitcoin and different cryptocurrencies, and the economics of cryptocurrency mining, together with as to variables or components affecting the associated fee, effectivity and profitability of cryptocurrency mining; (2) competitors among the many varied suppliers of knowledge mining companies; (3) modifications in relevant legal guidelines, laws and/or permits affecting TeraWulf’s operations or the industries by which it operates, together with regulation concerning energy technology, cryptocurrency utilization and/or cryptocurrency mining; (4) the flexibility to implement sure enterprise targets and to well timed and cost-effectively execute built-in initiatives; (5) failure to acquire enough financing on a well timed foundation and/or on acceptable phrases with regard to progress methods or operations; (6) lack of public confidence in bitcoin or different cryptocurrencies and the potential for cryptocurrency market manipulation; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference on account of gear malfunction or break-down, bodily catastrophe, information safety breach, laptop malfunction or sabotage (and the prices related to any of the foregoing); (8) the provision, supply schedule and price of apparatus needed to take care of and develop the enterprise and operations of TeraWulf, together with mining gear and gear assembly the technical or different specs required to attain its progress technique; (9) employment workforce components, together with the lack of key staff; (10) litigation regarding TeraWulf, IKONICS and/or the enterprise mixture; (11) the flexibility to acknowledge the anticipated targets and advantages of the enterprise mixture; and (12) and different dangers and uncertainties detailed every so often within the Firm’s filings with the Securities and Change Fee (“SEC”). Potential traders, stockholders and different readers are cautioned to not place undue reliance on these forward- wanting statements, which communicate solely as of the date on which they have been made. TeraWulf doesn’t assume any obligation to publicly replace any forward- wanting assertion after it was made, whether or not on account of new info, future occasions or in any other case, besides as required by regulation or regulation. Traders are referred to the complete dialogue of dangers and uncertainties related to forward-looking statements and the dialogue of threat components contained within the Firm’s filings with the SEC, which can be found at www.sec.gov.
Contact:
Traders
Sandy Harrison
[email protected]
(410) 770-9500
Media
Michael Freitag / Joseph Sala / Lyle Weston
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
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SOURCE TeraWulf Inc.