Power Claims
- TeraWulf claims over 93% of the energy it uses at its keystone New York facility is renewable — but the New York Power Authority, which supplies 45% of the facility's energy, told Hunterbrook Media: "None of the power that NYPA provides the firm can be claimed as renewable power."
- The rest of TeraWulf’s power at the facility is sourced from the New York grid, which is less than half carbon-free, according to the New York Independent System Operator
- TeraWulf could only legally substantiate its zero-carbon claims through purchasing renewable energy credits (RECs), according to New York and federal regulators, but a TeraWulf spokesperson confirmed that the company has not done so, writing: “Instead, our approach is to position our operations in regions with a high availability of zero-carbon resources.”
- TeraWulf's claims of using "excess" renewable energy that would otherwise go to waste are also contradicted by state energy officials and experts, who say there is no surplus renewable power in New York.
Self Dealing
5) Disclosures show large sums have been channeled from TeraWulf to other companies owned by CEO Paul Prager, including Beowulf.
In 2023, TeraWulf paid $20.3 million in management and service fees to Beowulf, accounting for about 38% of TeraWulf's operating and administrative costs that year.
6) Terawulf's Lake Mariner facility is leased from another entity 99.9% owned by Prager: Somerset Operating Company.
All of these run against the company's states positions and slogans for advertising .