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TeraWulf Issues Statement Reiterating Plans for Nautilus Cryptomine
On Track to Begin Mining In Third Quarter 2022 EASTON, Md., May 10, 2022 /PRNewswire/ -- TeraWulf Inc. (NASDAQ: WULF) ("TeraWulf" or the "Company"), which
About this update from Terawulf Inc.
[{"type":"text","content":"On Track to Begin Mining In Third Quarter 2022\nEASTON, Md., May 10, 2022 /PRNewswire/ -- TeraWulf Inc. (NASDAQ: WULF) (\"TeraWulf\" or the \"Company\"), which owns and operates fully integrated bitcoin mining facilities in the United States powered by more than 90% zero-carbon energy, today issued the following statement regarding the Nautilus Cryptomine facility in Pennsylvania, which is a 50/50 joint venture between TeraWulf and Talen Energy Corporation (\"Talen\"):\nThe Nautilus Cryptomine facility, which is a joint venture between TeraWulf and Cumulus Coin, LLC, a subsidiary of Talen, remains on track to begin bitcoin mining operations in the third quarter of 2022. The joint venture has been funded by both joint venture partners and is continuing its infrastructure buildout under the direction of the Nautilus Cryptomine team. Importantly, Cumulus Coin, a subsidiary of Cumulus Growth Holdings, LLC, is excluded from the Chapter 11 proceedings initiated on May 9, 2022 by Talen Energy Supply, LLC and affiliated debtors in the U.S. Bankruptcy Court for the Southern District of Texas (Houston Division).\nOnce complete, the Nautilus Cryptomine facility is expected to reach 300 MW – with 150 MW attributable to TeraWulf – and will benefit from long-term, zero-carbon power supply directly from the Susquehanna nuclear power generation station.\nAbout TeraWulf\nTeraWulf (Nasdaq: WULF) owns and operates fully integrated 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 York, and Nautilus Cryptomine in Pennsylvania, with the objective of 800 megawatts of mining capacity deployed by 2025, enabling over 23 exahash per second of expected hashrate. TeraWulf will generate domestically produced bitcoin powered by nuclear, hydro and solar energy with a goal of utilizing 100% zero-carbon energy. With a core focus of ESG that ties direction to its business success, TeraWulf expects to offer attractive mining economics at an industrial scale.\nForward-Looking Statements \nThis 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 concern...