TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners
and operators of vertically integrated, domestic bitcoin mining
facilities powered by more than 95% zero-carbon energy, today
issued the following statement regarding Talen’s sale of the
Cumulus data center campus and disclosed the exercise of its option
to increase its energy resources by an additional 50 MW at the
Nautilus facility, bringing TeraWulf’s bitcoin mining capacity at
the Pennsylvania site to 100 MW.
“I extend congratulations to our valued partner, Talen, on the
sale of the Cumulus data center campus to Amazon Web Services,”
said Paul Prager, Chief Executive Officer of TeraWulf. “This sale
underscores the considerable value of scalable infrastructure with
access to low-cost, sustainable power adaptable for
high-performance computing or AI.”
“Talen's recent announcement also highlights the significant
value inherent within our wholly-owned Lake Mariner facility in
Upstate NY, with over 300 MW of available capacity ideally situated
to support data center infrastructure with access to an abundant
supply of 93% zero-carbon power,” continued Prager.
The Nautilus facility represents the first behind-the-meter
Bitcoin mining facility of its kind, directly sourcing reliable,
carbon-free, 24x7 baseload power from the 2.5 GW Susquehanna
nuclear generation station in Pennsylvania. The Company began
mining at the Nautilus facility, a joint venture with Cumulus Coin,
LLC, in February 2023 and deployed its full share in phase one of
the facility – 50 MW – in April 2023. TeraWulf’s additional 50 MW
of capacity at the Nautilus facility is expected to come online in
2025 and could accommodate up to 2.5 EH/s of operational mining
capacity.
TeraWulf’s current 50 MW of operational bitcoin mining at the
Nautilus facility benefits from a direct supply of zero-carbon
power contracted at a fixed rate of 2.0 cents per kilowatt-hour for
a term of five years with two successive three-year renewal
options.
Nazar Khan, Chief Operating Officer of TeraWulf, stated, “We’re
excited to announce our plans to double TeraWulf’s bitcoin mining
capacity at the Nautilus facility in the next year. With the
upcoming halving event in mind, this expansion brings significant
benefits for TeraWulf as we expand our operations with the Nautilus
site’s leading lowest cost of power at just two cents per kilowatt
hour.”
Khan continued, “Cost of power is arguably the most important
metric when considering the success of a miner post-halving. Since
this is the only metric directly impacted by the event, a bitcoin
miner’s cost of power can determine whether or not they will emerge
from this event successful. TeraWulf is positioned exceptionally
favorably in this case, having one of the leading costs of power
throughout the space, averaging around 3.5 cents across our two
sites.”
About TeraWulf
TeraWulf owns and operates vertically integrated,
environmentally clean bitcoin mining facilities in the United
States. Led by an experienced group of energy entrepreneurs, the
Company currently has two Bitcoin mining facilities: the wholly
owned Lake Mariner facility in New York, and Nautilus Cryptomine
facility in Pennsylvania, a joint venture with Cumulus Coin, LLC.
TeraWulf generates domestically produced Bitcoin powered by 95%
zero carbon energy resources including nuclear, hydro, and solar
with a goal of utilizing 100% zero-carbon energy. With a core focus
on ESG that ties directly to its business success, TeraWulf expects
to provide industry leading mining economics at an industrial
scale.
Forward-Looking Statements
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. Such
forward-looking statements include statements concerning
anticipated future events and expectations that are not historical
facts. All statements, other than statements of historical fact,
are statements that could be deemed forward-looking statements. In
addition, forward-looking statements are typically identified by
words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,”
“anticipate,” “intend,” “outlook,” “estimate,” “forecast,”
“project,” “continue,” “could,” “may,” “might,” “possible,”
“potential,” “predict,” “should,” “would” and other similar words
and expressions, although the absence of these words or expressions
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 that have been anticipated. Actual
results may vary materially from those expressed or implied by
forward-looking statements based on a number of factors, risks,
uncertainties and assumptions, including, among others: (1)
conditions in the cryptocurrency mining industry, including
fluctuation in the market pricing of bitcoin and other
cryptocurrencies, and the economics of cryptocurrency mining,
including as to variables or factors affecting the cost, efficiency
and profitability of cryptocurrency mining; (2) competition among
the various providers of cryptocurrency mining services; (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, cryptocurrency
usage and/or cryptocurrency mining, and/or regulation regarding
safety, health, environmental and other matters, which could
require significant expenditures; (4) the ability to implement
certain business objectives and to timely and cost-effectively
execute integrated projects; (5) failure to obtain adequate
financing on a timely basis and/or on acceptable terms with regard
to growth strategies or operations; (6) loss of public confidence
in bitcoin or other cryptocurrencies and the potential for
cryptocurrency market manipulation; (7) adverse geopolitical or
economic conditions, including a high inflationary environment; (8)
the potential of cybercrime, money-laundering, malware infections
and phishing and/or loss and interference as a result of equipment
malfunction or break-down, physical disaster, data security breach,
computer malfunction or sabotage (and the costs associated with any
of the foregoing); (9) the availability, delivery schedule and cost
of equipment necessary to maintain and grow the business and
operations of TeraWulf, including mining equipment and
infrastructure equipment meeting the technical or other
specifications required to achieve its growth strategy; (10)
employment workforce factors, including the loss of key employees;
(11) litigation relating to TeraWulf, RM 101 f/k/a IKONICS
Corporation and/or the business combination; and (12) other risks
and uncertainties detailed from time to time in the Company’s
filings with the Securities and Exchange Commission (“SEC”).
Potential investors, stockholders 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
does not assume any obligation to publicly update any
forward-looking statement after it was 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.
Company Contact:Jason AssadDirector of
Corporate Communicationsassad@terawulf.com(678) 570-6791
TeraWulf (NASDAQ:WULF)
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