TeraWulf Inc. completed substantial construction of Building 3 at the Lake Mariner facility in December 2023, which houses an incremental 45 MW of capacity and brings operational infrastructure capacity at the Lake Mariner site to approximately 160 MW. The infrastructure expansion and pending deployment of the new 18,500 S19j XP bitcoin mining machines, anticipated in February 2024, is expected to increase the Company?s total self-mining hashrate by approximately 58% (from 5.0 EH/s to 7.9 EH/s). Planning is underway for additional growth at Lake Mariner with the construction of Building 4 underway.

Upon planned completion in mid-2024, Building 4 is expected to bring TeraWulf?s total operational capacity to approximately 10 EH/s. Additionally, at the nuclear-powered Nautilus Cryptomine facility, TeraWulf has the option to add an additional 50 MW of bitcoin mining capacity, bringing the Company?s total capacity at the Nautilus facility to 100 MW. During December 2023, the Company also announced that following the successful pilot of a compact (NVIDIA A100) GPU system to support generative AI and large language model applications, the Company has initially committed a 2 MW block of power at the Lake Mariner facility, capable of deploying thousands of latest generation GPUs, to support a larger HPC project expected in 2024. This project is aimed at diversifying the Company?s revenue streams by capitalizing on its infrastructure expertise to address the rapidly growing demand for GPU compute in the generative AI market.

TeraWulf intends to continue leveraging its existing infrastructure to further push into the HPC and AI markets on a larger scale with compelling returns on capital.