TeraWulf Reports Strong Bitcoin Mining Results and Free Cash Flow in Q3 2023

TeraWulf Inc., a leading vertically integrated bitcoin mining company, has announced its unaudited monthly production and operations update for September 2023. Despite network difficulties, the company successfully self-mined 329 BTC during the month, bringing its total for Q3 2023 to 989 BTC. Year-to-date, TeraWulf has mined an impressive 2,430 BTC.

The company’s commitment to responsible load resource is evident through its participation in multiple demand response programs at the Lake Mariner facility. Although there was some facility downtime at Lake Mariner due to demand response activity earlier in the month, TeraWulf’s operating performance was optimized at both the Lake Mariner and Nautilus facilities.

TeraWulf generated approximately $6.5 million of free cash flow in Q3 2023, which will be used to repay debt. This achievement marks a significant milestone for the company as it represents the first full quarter of 5.5 EH/s of operational capacity across its portfolio.

Patrick Fleury, the Chief Financial Officer of TeraWulf, emphasized the company’s clear operating and financial goals, including maximizing profitability, reducing debt, executing on growth opportunities, and returning value to shareholders. The ongoing expansion at the Lake Mariner facility, expected to be completed by year-end 2023, will further enhance TeraWulf’s mining capabilities.

TeraWulf owns and operates environmentally clean bitcoin mining facilities in the United States, powered by over 91% zero-carbon energy resources such as nuclear, hydro, and solar. The company aims to utilize 100% zero-carbon energy, aligning its core focus on ESG with its business success.

With its strong performance and commitment to sustainability, TeraWulf continues to establish itself as a prominent player in the bitcoin mining industry. Investors and stakeholders can look forward to the company’s continued growth and success in the coming months.

For more information, please contact Jason Assad, Director of Corporate Communications at TeraWulf, via email at assad@terawulf.com or by phone at 678-570-6791.