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TeraWulf Issues an Open Letter from Chairman and CEO

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Easton, Maryland–()– TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”) owns and operates vertically integrated domestic bitcoin mining facilities powered by 91% or more zero-carbon energy. increase. An open letter to shareholders, lenders and other stakeholders from Paul Prager, Chairman and CEO of TeraWulf.

Here is the full text of the letter:

An Open Letter from TeraWulf Chairman and CEO Paul Prager

January 2023

The past year has been a transformative one for TeraWulf and the entire cryptocurrency industry. Today, I am writing to express my gratitude. We are proud of our achievements, inspired by our extraordinary employees, and confident in our strategy. Importantly, we would like to thank our loyal investors and his fellow WULFpack members for helping us through an unimaginably difficult year.

Rest assured that I am with you and will continue to invest in TeraWulf personally. During this one-year period, management invested more than $15 million of his personal capital into the company. This is what we believe to be the best leadership team in the field and underscores WULF’s mission and confidence in what we are building. As further proof of my belief, I have not sold any shares, directly or indirectly.

Despite the turbulent environment, we have remained focused on building a scalable, vertically integrated Bitcoin mining company with low cost and over 91% zero carbon energy. I would like to highlight some of the key milestones we achieved in our first year as a public company.

  • In March 2022, the former turbine deck of a retired coal mill began mining at the Mariner Lake facility in New York.

  • Construction of Building 1 on Mariner Lake is complete, with approximately 17,500 miners online at peak efficiency, rapidly scaling operations to over 2 EH/s.

  • Completed construction of two 100 MW buildings at the Nautilus Crypto Mine in Pennsylvania, meeting target for delivery in Q1 2023 and delivering 50 MW of net capacity (reflecting our 25% interest) Achieved.

  • Restructuring the Nautilus JV with Talen Energy Corp. to leverage one of WULF’s most valuable assets. That’s 50 MW of zero-carbon power contracted at a fixed price of just $0.02/kWh.

  • We efficiently sourced miners to fully utilize our 160 MW of mining capacity and had no further payment obligations.

What makes TeraWulf different is that it owns and operates the facility, controls the electricity supply, and utilizes over 91% zero-carbon energy sources. In the energy market, location is everything and our sites are located in robust and advanced markets that offer the best value for the grid services we offer. The 2022 power fluctuations emphasized the importance of power contracts. This has been our business for his 30+ years. As an almost completely zero-carbon miner, we believe we are strategically positioned relative to our competitors in an increasingly stringent regulatory environment.

We’ve made great progress this year, but there’s still a lot to do. As we move into 2023 and strive to execute our plans and pursue growth, we will be operating with a few clear priorities.

  1. We will reach our goal of 49,000 active miners (5.5 EH hash rate) in Q1 2023.

  2. Leveraging a blended power cost of $0.035/kWh, 30% down than industry average1.

  3. Optimize profitability by implementing recently announced cost-saving initiatives.

  4. Extend the set of grid services we offer to the market.

  5. Support a more collaborative approach to regulation and thoughtful alignment of rules.

So I’ll wrap up where I started – with a heartfelt thank you. Your trust and confidence in TeraWulf has helped us build a great company.

Sincerely,

Paul Prager

Chairman and Chief Executive Officer

About Terrawolf

TeraWulf (Nasdaq: WULF) owns and operates clean Bitcoin mining facilities in a vertically integrated environment in the United States. Led by a group of experienced energy entrepreneurs, the company is currently expanding its two mining facilities, Lake He Mariner in New York and Nautila Script Mine in Pennsylvania, with the goal of deploying 800 MW of mining capacity by 2025. Operates and builds. It is powered by nuclear, hydro and solar energy with the goal of using 100% zero carbon energy. TeraWulf hopes to provide a compelling extractive economy on an industrial scale, with his ESG at the heart of what is directly linked to business success.

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 about expected 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 not Identified by words. “Estimate”, “Predict”, “Predict”, “Continue”, “Possible”, “Possible”, “Could”, “Possible”, “Possible” The absence of these words or expressions, however, does not mean that the 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 and potentially affected by a number of factors, risks, uncertainties and assumptions. There is no guarantee that future developments will be those anticipated. Actual results may differ materially from those expressed or implied by forward-looking statements, which are subject to a number of factors, risks, uncertainties and assumptions, including, among others: The economics of cryptocurrency mining, including Bitcoin and other cryptocurrencies and the variables or factors that affect the cost, efficiency and profitability of cryptocurrency mining; (2) among various providers of cryptocurrency mining services; competition. (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s business or the industries in which it operates, including regulations relating to power generation, cryptocurrency use and/or cryptocurrency mining; (4) the ability to execute specific business objectives and execute integrated projects in a timely and cost-effective manner; (5) failure to raise adequate funds in a timely manner and/or on acceptable terms for any growth strategy or business; (6) loss of public confidence in Bitcoin or other cryptocurrencies and the cryptocurrency market; (7) loss and damage resulting from cybercrime, money laundering, malware infection, phishing, and/or equipment malfunction or failure, physical disaster, data security breach, computer malfunction or sabotage; (8) TeraWulf’s business and operations, including mining and infrastructure equipment that meets the technical or other specifications necessary to achieve its growth strategy; (9) the employment workforce factor, including the loss of key employees; (10) TeraWulf, RM 101 f/k/a IKONICS Corporation and/or actions related to business combinations. (11) the ability to recognize the expected purpose and benefits of the business combination; (12) other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission (“SEC”); Potential investors, shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements. TeraWulf undertakes no obligation to publicly update forward-looking statements after they are 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 our filings with the SEC. www.sec.gov.

1 sauce: Cambridge Bitcoin Electricity Consumption Index (CBECI) (ccaf.io).

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