TeraWulf (WULF) Issues July 2024 Production and Operations Update

TeraWulf Inc. (Nasdaq: WULF) today provided an unaudited monthly production and operations update for July 2024.

July 2024 Production and Operations Highlights

• Self-Mined Bitcoin: Mined 195 bitcoin in July with an average production rate of approximately 6.3 bitcoin per day.
• Operating Capacity: TeraWulf's installed and operational self-mining capacity reached approximately 10 EH/s, representing a 100.0% year-over-year increase.
• Power Cost: Averaged $36,346 per bitcoin self-mined in July, reflecting an approximate rate of $0.047/kWh and excluding the benefit of expected demand response or ancillary services proceeds, which are expected to be substantial, as described below.
• Demand Response: The Lake Mariner facility curtailed over 3,400 MWh in connection with demand response activities in July, which is expected to reduce power costs by approximately $0.013/kWh in the month. TeraWulf’s demand response savings represent the equivalent value of approximately 31 BTC using July’s “Value per Bitcoin Self-Mined” in the table below.

Management Commentary

“During July, the Company mined 195 bitcoin, equivalent to approximately 6.3 bitcoin per day, an improvement over June’s production due to operational optimization during peak summer temperatures coupled with demand response for grid support,” said Sean Farrell, SVP of Operations at TeraWulf.

“The Lake Mariner team has installed a total of approximately 10,000 Bitmain S21 and S21 Pro miners in Building 4 , boosting the Company’s total operating capacity to over 10.0 EH/s with 245 MW of infrastructure operating capacity across its two sites. We expect to utilize this capacity fully during periods of lower energy prices and moderate temperatures,” continued Farrell. “For the second half of 2024, construction has started on Building 5 at Lake Mariner, which is expected to add another 50 MW of infrastructure capacity. Additionally, we are advancing our AI/HPC projects, including the upcoming 2 MW 'WULF Den' proof-of-concept project and the 16 MW ‘CB-1’ colocation building, which are set to demonstrate our high-density computing capabilities⁵.”

Production and Operations Update

As of July 31, 2024, TeraWulf's operational infrastructure capacity comprised 195 MW at the Lake Mariner facility and 50 MW at the Nautilus facility, with the Company's total self-mining hash rate at approximately 10.0 EH/s. In July, TeraWulf's miners operated at an average of 8.0 EH/s due to frequent demand response events and performance tuning aimed at maximizing profit every hour of the day.

Regarding WULF Compute’s pursuit of a large-scale, AI/HPC project at the Lake Mariner facility, progress continues on the previously announced construction of a 2 MW AI/HPC digital infrastructure proof-of-concept building, supporting current and next-generation GPU technology. TeraWulf is also designing a 20 MW colocation pilot project (“CB-1”) at the Lake Mariner facility capable of supporting 16 MW of critical IT load with liquid cooling and redundancy requirements typical of a Tier 3 data center, with a target operational date in Q4 2024.

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