Demonstrates Continued Progress in Debt Reduction

EASTON, Md., April  08, 2024  (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) ("TeraWulf" or the "Company"), which owns and operates vertically integrated, domestic Bitcoin mining facilities powered by more than 95% zero-carbon energy, today announced it has repaid an additional $30.1 million of its Term Loan, thereby reducing the debt balance to $75.9 million.

Management Commentary

Patrick Fleury, Chief Financial Officer, remarked, "This $30 million payment follows our repayment of approximately $40 million over the past six months. And there is more to come."

Fleury also stated, "At today's approximate $70,000 bitcoin price, we expect our industry leading economics, resulting in a fully loaded cost to mine a bitcoin of just $37,000 post halving, to allow for continued rapid debt extinguishment. All of the inputs used to determine our cost to mine a bitcoin can be found on our recently updated cost-to-mine calculator on our website. As previously indicated, once we've settled our outstanding debt, we plan to allocate profits towards organic growth, potential dividends or share buybacks to benefit our shareholders."