Benzinga | Jul 12, 2021 08:13AM EDT

Ikonics M&A Partner TeraWulf Says Joins Bitcoin Mining Council

TeraWulf Inc. ("TeraWulf"), a U.S.-based bitcoin mining company, today announced that it has joined the Bitcoin Mining Council. The Bitcoin Mining Council is an open forum of bitcoin miners committed to promoting transparency, sharing best practices, and educating the public on the benefits of bitcoin and bitcoin mining.

TeraWulf is actively developing its mining facilities in New York and Pennsylvania and has secured competitive power supply agreements for each, consistent with its carbon mandates. TeraWulf's Pennsylvania site is expected to be the first bitcoin mining facility that is powered by 100% zero-carbon nuclear energy.

Paul Prager, Chairman & Chief Executive Officer of TeraWulf, said, "We are thrilled to join the Bitcoin Mining Council and are honored to support sustainable bitcoin mining. Together, for more than a decade, the TeraWulf management team has owned, operated, and built over 2.3 gigawatts of electricity infrastructure worldwide. We understand energy infrastructure and we have proven that we know how to operate efficiently and effectively on an industrial scale."

Mr. Prager continued, "Our team believes that controllable load resources like bitcoin miners will play a crucial role in enhancing grid reliability and renewable energy integration. With 60,000 miners on order from Bitmain and Minerva to date, and 800 megawatts of expected sustainable energy capacity by 2025, TeraWulf is positioned to become a global leader in bitcoin mining. I could not be more excited about TeraWulf and the future of bitcoin."

Following the anticipated completion of TeraWulf's previously announced business combination with IKONICS Corporation (NASDAQ:IKNX) ("IKONICS"), TeraWulf intends to continue to develop, own, and operate its mining facilities in the United States.

As announced on June 25, 2021, TeraWulf expects to become a Nasdaq-listed company through a business combination with IKONICS, an imaging technology company based in Duluth, Minnesota. The companies have entered into a definitive merger agreement to combine under a new holding company, which will change its name to TeraWulf Inc. and is expected to be listed on The Nasdaq Stock Market LLC under the trading symbol "WULF." The transaction is expected to close in the second half of 2021, subject to the receipt of regulatory approvals, the approval by IKONICS and TeraWulf stockholders, and other customary closing conditions.

To learn more about the TeraWulf and IKONICS transaction, please visit www.TeraWulf.com.