<SEC-DOCUMENT>0001104659-21-117224.txt : 20211214
<SEC-HEADER>0001104659-21-117224.hdr.sgml : 20211214
<ACCEPTANCE-DATETIME>20210920122508
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-117224
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210920

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IKONICS CORP
		CENTRAL INDEX KEY:			0001083301
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				410730027
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		9 FEDERAL STREET
		CITY:			EASTON
		STATE:			MD
		ZIP:			21601
		BUSINESS PHONE:		(410) 770-9500

	MAIL ADDRESS:	
		STREET 1:		9 FEDERAL STREET
		CITY:			EASTON
		STATE:			MD
		ZIP:			21601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IKONICS CORP
		DATE OF NAME CHANGE:	20021216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHROMALINE CORP
		DATE OF NAME CHANGE:	19990405
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: justify; margin: 0"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">September 20, 2021</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 50%; padding-right: 0; padding-bottom: 0; padding-left: 0; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">U.S. Securities and Exchange Commission<BR> Division of Corporation Finance<BR> Office of Technology<BR> 100 F. Street, N.E.<BR> Washington, D.C. 20549<BR> Attn:&nbsp;&nbsp;&nbsp;Matthew Derby,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staff Attorney</P></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-bottom: 0; padding-left: 0; font-size: 10pt; text-align: right"><B><U>By EDGAR</U></B></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>IKONICS Corp.<BR>
Amendment No. 2 to Registration Statement on Form S-4<BR>
Filed August 11, 2021<BR>
File No. 333-258335</B></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Mr. Derby:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of IKONICS Corporation (&#8220;<I>IKONICS</I>&#8221;)
and Telluride Holdco, Inc. (&#8220;<I>Holdco</I>&#8221; and, together with IKONICS, the &#8220;<I>Registrant</I>&#8221;), I am pleased
to submit this response to the comments of the Staff of the U.S. Securities and Exchange Commission (the &#8220;<I>Commission</I>&#8221;)
on the above-referenced Amendment No. 2 to Registration Statement on Form S-4 filed with the Commission by the Registrant on August&nbsp;11,
2021 (the &#8220;<I>Filing</I>&#8221;). The responses herein should be read in conjunction with the accompanying Amendment No. 3 to Registration
Statement on Form S-4 (the &#8220;<I>Revised Filing</I>&#8221; and, collectively with the Filing, the &#8220;<I>Registration Statement</I>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The supplemental information set forth herein
has been supplied by the Registrant for use in connection with the Staff&#8217;s review of the responses described below, and all such
responses have been reviewed and approved by the Registrant. For convenience, each of the Staff&#8217;s consecutively numbered comments
is provided as set forth in the letter dated September 9, 2021, followed by the registrant&#8217;s response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Registration Statement on Form S-4/A</U></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Cover Page</U></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify"><I>We note that TeraWulf's significant shareholders, AOW Capital LLC and Stammtisch Investments LLC are
expected to beneficially own a controlling interest in the company after the business combination. Please revise the cover page to disclose
this beneficial ownership and note the significant control those shareholders will have over the Company.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The cover page
of the Revised Filing has been revised to disclose the expected concentrations of beneficial ownership and voting power and the resulting
significant control that may be exercised over the Registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>The Mergers, page 12</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">2.</TD><TD STYLE="text-align: justify"><I>Please revise to clarify whether the company currently intends to liquidate, spin-off, or license the
legacy IKONICS assets and operations as contemplated in the Contingent Value Rights issued by Telluride HoldCo.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing contains supplemental disclosure clarifying the intent to seek a sale of the legacy IKONICS assets and operations after consummation
of the mergers. Please see pages 15 and 113 for an example.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">3.</TD><TD STYLE="text-align: justify"><I>Please clearly disclose that this transaction will result in a change of control (both in beneficial
ownership and management) and that after the merger, the Company intends to operate in an entirely different sector and operations will
be conducted primarily through TeraWulf.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing contains additional prominent disclosure that the second merger will result in a change of control and that the post-merger company
intends to operate in an entirely different sector and a substantial majority of the Registrant&#8217;s operations will be conducted through
TeraWulf. Please see pages 12 and 62.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Controlled ' Exemption, page 22</U></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">4.</TD><TD STYLE="text-align: justify"><I>We note your disclosure here, and elsewhere that the &quot;precise percentage of Holdco common stock
that will be controlled by AOW Capital LLC and Stammtisch Investments LLC cannot be determined until the closing of the mergers.&quot;
Furthermore, we note the disclosure in Note 5 to the financial statements that &quot;the Series A Preferred Stock will automatically convert
into common shares upon the closing of a QLE...&quot; Please revise to provide a range of scenarios and estimated ownership percentages
that will be held by participants following the completion of the transactions.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The
Revised Filing contains disclosure with respect to the percentage of Holdco&#8217;s voting power that Paul Prager, TeraWulf's Chief
Executive Officer, and Stammtisch Investments LLC together are expected to hold following the consummation of the mergers as well as
changes to this percentage assuming a 20% increase or decrease in the closing sales price per share of IKONICS common stock. Please
see pages 22, 23, 42, 43, 149 and 150.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Unaudited Pro Forma Condensed Combined Financial Information, page
24</U></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">5.</TD><TD STYLE="text-align: justify"><I>We note that adjustment (e) reflects approximately $17,000,000 for the estimated aggregate transaction
costs for both TeraWulf and IKONICS, such as legal, financial advisory and accounting expenses that were not incurred as of March 31,
2021. Since you are accounting for the transaction as a business combination, please explain why these costs are not reflected in the
unaudited pro forma condensed combined statements of operations. We refer you to Article 11-02 (a)(6)(i)(B) of Regulation S-X.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: Please be
advised that the Registrant intends for the method of presentation in the existing disclosure to follow the Staff&#8217;s
interpretation set forth in Section 3250.1(c)(i) of the Division of Corporation Finance&#8217;s Financial Reporting Manual, which
provides that for direct, incremental costs of the specific acquisition which are not yet reflected in the historical financial
statements of either the target or acquirer, no adjustment should be reflected in the pro forma statement of comprehensive income,
but the pro forma balance sheet should reflect an adjustment (as the costs are non&#45;recurring and directly related to the
transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">6.</TD><TD STYLE="text-align: justify"><I>We note that adjustment (g) represents awards with respect to shares of common stock issued to certain
employees of Beowulf Electricity &amp; Data Inc. (&#8220;Beowulf E&amp;D&#8221;), a company controlled by TeraWulf&#8217;s Chief Executive
Officer, upon consummation of the mergers in accordance with the administrative and infrastructure services agreements, dated as of April
27, 2021. Please explain why you are using the closing price per share of IKONICS Common Stock as of July 6, 2021 to value share awards
due to Beowulf E&amp;D employees. Explain whether you considered using the $25.79 Implied Holdco share price to value the share awards
due to Beowulf E&amp;D employees. Revise to present the expense associated with this transaction as a related party on the face of your
unaudited pro forma condensed combined statements of operations.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: Adjustment
(h) to the unaudited pro forma condensed combined financial information appearing in the Revised Filing on page 35 has been revised to
use the Implied Holdco share price to value the share awards due to employees of Beowulf Electricity &amp; Data Inc. The Registrant further
advises the Staff that the unaudited pro forma condensed combined statement of operations has been revised to present the expense associated
with the shares of common stock to be issued to certain employees of Beowulf Electricity &amp; Data Inc. as a related party expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">7.</TD><TD STYLE="text-align: justify"><I>We note on June 15, 2021 that Nautilus Cryptomine LLC (&#8220;Nautilus&#8221;) executed purchase agreements
whereby the estimated aggregate purchase price of the miners under the First Quarter 2022 Bitmain Agreement is approximately $98.2 million,
and the estimated aggregate purchase price of the miners under the Second Quarter 2022 Bitmain Agreement is approximately $89.7 million.
We also note that on March 19, 2021, TeraWulf, executed the equipment purchase agreement (the &#8220;Minerva Agreement&#8221;) for an
aggregate purchase price of approximately $118.5, and the Company paid an initial deposit of $23.7 million that is included in deposits
in the balance sheet as of March 31, 2021 and in May 2021 an incremental deposit of $12.3 million was paid to Minerva in connection with
the Minerva Purchase Agreement. We further note from your risk factors that Holdco will be highly dependent on the Minerva agreement and
each of the Bitmain agreements for the development of its business models. Due to the significance of these agreements for the development
of your business, please explain your consideration of providing financial statements for Bitmain and Minerva, pursuant to Rule 3-13 of
Regulation S-X.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The
Registrant, after consultation with TeraWulf, does not believe the stand-alone financial statements of Minerva Semiconductor Corp.
or Bitmain Technologies Limited (each, a &#8220;<I>Miner Supplier</I>&#8221; and, together, the &#8220;<I>Miner
Suppliers</I>&#8221;) are necessary or appropriate for an adequate presentation of the financial condition of TeraWulf, before or
after the consummation of the mergers, or for the protection of investors. Each Miner Supplier is a global technology company with
diverse operations and very different financial profiles from TeraWulf. The Miner Suppliers and TeraWulf are not engaged in business
relationships other than in a traditional technology supplier-customer relationship. In the case of each Miner Supplier, the entity
has other customers. In the case of TeraWulf, there are other suppliers of bitcoin mining equipment in the marketplace. In each
case, the existing agreements with the Miner Suppliers do not hinder any party&#8217;s pursuit of business relationships outside of
the respective agreements between each of the Miner Suppliers and Nautilus Cryptomine LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Minerva Semiconductor Corp. holds
a 5% interest in the TeraWulf Series A Preferred Stock issued in June 2021, which issuance was consummated several months subsequent
to the entry by Nautilus Cryptomine LLC and Minerva Semiconductor Corp. into the equipment purchase agreement in March 2021 (the &#8220;<I>Minerva
Agreement</I>&#8221;). Minerva Semiconductor Corp.&#8217;s investment in the Series A Preferred Stock is not related to the Minerva Agreement
nor to any other agreement with TeraWulf and was entered into under the same terms and conditions as any other investor in the Series
A Preferred Stock. Upon closing of the mergers and the mandatory conversion of the Series A Preferred Stock, Minerva Semiconductor Corp.
is expected to own less than 0.5% of the then outstanding shares of Holdco common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">8.</TD><TD STYLE="text-align: justify"><I>You disclose that TeraWulf has agreed to pay Beowulf E&amp;D an annual fee for the first year in the
amount of $7,000,000 payable in monthly installments, and an annual fee equal to the greater of $10,000,000 or $0.0037 per kilowatt hour
of electric load utilized by the Facilities thereafter. Please explain your consideration of including the annual fee in your pro forma
financial statements.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing contains pro forma financial statements through June 30, 2021. The effects of the annual fee due under the administrative and infrastructure
services agreement from the effective date of the agreement to June 30, 2021 is included in column (1) in the pro forma condensed combined
statement of operations for the six months ended June 30, 2021 that  appears in the Revised Filing. After consultation with TeraWulf,
the Registrant respectfully advises that it could be misleading to investors to include the pro forma effects of expenses under the administrative
and infrastructure services agreement in pro forma periods prior to the effective date of the administrative and infrastructure services
agreement because those expenses include services, among others, for engineering development, construction and operation of bitcoin mining
facilities and the benefits of such services would not be equally recognized in such pro forma periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">9.</TD><TD STYLE="text-align: justify"><I>You disclose that on June 2, 2021, TeraWulf entered into the Electrical Infrastructure and Equipment
Sales Agreement with Somerset, pursuant to which Somerset sold and delivered to TeraWulf certain electrical infrastructure and equipment
located in Barker, New York in an &#8220;as is&#8221; sale with no representations or warranties provided by Somerset with respect to
the equipment for $632,000. Please tell us your consideration of including this transaction in your pro forma financial statements.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: Please be
advised that the accounting consequences related to the electrical infrastructure and equipment sales agreement are included in
column (1) in the pro forma condensed combined balance sheet as of June 30, 2021 that appears in the Revised Filing, through a
reduction in cash and an increase in property, plant and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">10.</TD><TD STYLE="text-align: justify"><I>We note that in June 15, 2021, TeraWulf consummated a private placement of 2,000,000 shares of TeraWulf&#8217;s
Series A Preferred Stock, at a price per share of $25.00, to certain individuals and accredited investors, for an aggregate amount of
$50.0 million (the &#8220;Series A Private Placement&#8221;). We further note that the Series A Preferred Stock will automatically convert
into shares of TeraWulf Common Stock upon the consummation of an initial public offering by TeraWulf or the consummation of a merger or
other transaction following which TeraWulf will be listed on a nationally recognized securities exchange. Please tell us your consideration
of including the private placement in your pro forma financial statements.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: Please be advised
that the accounting consequences related to the issuance of the Series A Preferred Stock are included in column (1) in the pro forma condensed
combined balance sheet as of June 30, 2021 that appears in the Revised Filing, through an increase in cash (certain amounts subsequently
expended) and an increase in the Series A Preferred Stock, net of issuance costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">11.</TD><TD STYLE="text-align: justify"><I>You disclose that on May 13, 2021, the Company and Talen Energy Corporation (the &#8220;Members&#8221;)
entered into a joint venture, Nautilus Cryptomine LLC (&#8220;Nautilus&#8221;), to develop up to 300 MW of zero-carbon bitcoin mining
in Pennsylvania with operations expected to commence in Q2 2022 (the &#8220;Joint Venture&#8221;). You further disclose that concurrently
with the execution of the Joint Venture agreement, TeraWulf assigned the Minerva Purchase Agreement to Nautilus and the Joint Venture
counterparty reimbursed the Company $18.0 million for 50% of the deposits made to Minerva as of that date and on June 15, 2021, Nautilus
entered into two Non-fixed Price Sales and Purchase Agreements for the purchase of miners from Bitmain Technologies Limited (&#8220;Bitmain&#8221;)
that included an initial deposit of $23.5 by the Company in accordance with its 50% interest in the Joint Venture. Please expand your
disclosure to include the accounting treatment to be afforded to the joint venture and tell us your consideration of including the joint
venture and related transactions in your pro forma financial statements. Explain your consideration of providing financial statements
for the joint venture pursuant to Rule 3-09 of Regulation S-X.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: As a result
of the passage of time from the last filing, the Revised Filing contains updated financial statements for the period ended June 30, 2021.
Please be advised that the accounting treatment for the Joint Venture appears in Notes 2 and 6 of TeraWulf Inc. and its subsidiaries&#8217;
unaudited interim condensed consolidated financial statements as of and for the three months ended June 30, 2021. Note 2 of the aforementioned
financial statements includes a summary of TeraWulf&#8217;s consideration of the accounting related to the joint venture in the unaudited
interim condensed consolidated financial statements, which is identically reflected in the pro forma condensed combined financial statements.
A relevant excerpt from Note 2 follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Variable Interest Entities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Variable interest entities
(&#8220;VIE&#8221;) are legal entities in which equity investors do not have (i) sufficient equity at risk for the legal entity to
finance its activities without additional subordinated financial support, or (ii) as a group, the holders of the equity investment
at risk do not have either the power, through voting or similar rights, to direct the activities of the legal entity that most
significantly impact the entity&#8217;s economic performance, or (iii) the obligation to absorb the expected losses of the legal
entity or the right to receive expected residual returns of the legal entity. The Company would consolidate any VIE in which it has
a controlling financial interest through being deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE has
both of the following characteristics: (1) the power to direct the activities of the VIE that most significantly impact its economic
performance; and (2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to
receive benefits from the VIE that could be significant to the VIE. If both characteristics are met, the Company considers itself to
be the primary beneficiary and therefore will consolidate that VIE into its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company determines whether it is
the primary beneficiary of a VIE upon initial involvement with a VIE and reassesses whether it is the primary beneficiary of a VIE on
an ongoing basis. The determination of whether an entity is a VIE and whether the Company is the primary beneficiary of a VIE is based
upon facts and circumstances for the VIE and requires significant judgments such as whether the entity is a VIE, whether the Company&#8217;s
interest in a VIE is a variable interest, the determination of the activities that most significantly impact the economic performance
of the entity, whether the Company controls those activities, and whether the Company has the obligation to absorb losses of the VIE or
the right to receive benefits from the VIE that could be significant to the VIE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In 2021, the Company entered into a
joint venture, Nautilus Cryptomine LLC (&#8220;Nautilus&#8221;) with an unrelated co-venturer, to develop, construct and operate a bitcoin
mining facility in Pennsylvania. Due to the initial nature of the joint venture and the continued commitment for additional financing,
the Company determined Nautilus is a VIE. While the Company has the ability to exercise significant influence over Nautilus, the Company
has determined that it does not have the power to direct the activities that most significantly impact the economic performance of Nautilus.
Most rights, obligations, and the power to direct the activities of Nautilus that most significantly impact Nautilus&#8217; economic performance
are shared equally by both parties within the joint venture and when not equally shared, are predominantly under the control of the co-venturer,
including the co-venturer&#8217;s control of the board of managers. As such, the Company has determined that it is not the primary beneficiary
of Nautilus and, therefore, has accounted for this entity under the equity method of accounting. Risks associated with the Company&#8217;s
involvement with Nautilus include a commitment to fund additional equity investments. See Note 6 for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Equity Method of Accounting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Investee companies that are not consolidated,
but over which the Company exercises significant influence, are accounted for under the equity method of accounting. Whether or not the
Company exercises significant influence with respect to an investee depends on an evaluation of several factors including, among others,
representation on the investee company's board of directors and ownership level, which is generally a 20% to 50% interest in the voting
securities of the investee company. Under the equity method of accounting, an investee company's accounts are not reflected within the
Company's condensed consolidated balance sheets and statement of operations; however, the Company's share of the earnings or losses of
the investee company is reflected in the caption &#8220;Equity in net loss of investee, net of tax&#8221; in the condensed consolidated
statement of operations. The Company's carrying value in an equity method investee company is reflected in the caption &#8220;Equity in
net assets of investee&#8221; in the Company's condensed consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">When the Company's carrying value in
an equity method investee company is reduced to zero, no further losses are recorded in the Company's condensed consolidated financial
statements unless the Company guaranteed obligations of the investee company or has committed additional funding. When the investee company
subsequently reports income, the Company will not record its share of such income until it equals the amount of its share of losses not
previously recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company's investment in companies
that are accounted for under the equity method of accounting consists of a 50% interest in Nautilus. See Note 6 for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Registrant, after consultation
with TeraWulf, respectfully advises the Staff that it has considered providing financial statements for the joint venture pursuant to
Rule 3-09 of Regulation S-X and believes the criteria of Rule 210.1-02(w) are not met in regard to Nautilus Cryptomine LLC because it
was not in existence as of the end of TeraWulf Inc.&#8217;s most recently completed fiscal year (March 31, 2021) and, therefore, believes
that separate financial statements are not required to be contained in the Filing. Please be advised that Note 6 to TeraWulf Inc. and
its subsidiaries&#8217; unaudited interim condensed consolidated financial statements as of and for the three months ended June 30, 2021
includes the condensed financial position and results of operation of Nautilus Cryptomine LLC for the same period. The Registrant further
advises the Staff that at each reporting date it will reconsider the provisions of Rule 3-09 of Regulation S-X and the potential need
to include the financial statements of Nautilus Cryptomine LLC in future filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">12.</TD><TD STYLE="text-align: justify"><I>We note that the unaudited pro forma condensed combined financial information was prepared without
the application of held for sale accounting to any long-lived asset or disposal group of IKONICS. Please provide us with your analysis
of when it is expected that the applicable held for sale criteria will be met. We refer you to ASC 205-20-45-1E. In addition, please provide
disclosure that clearly describes the status of the process to dispose of IKONICS' business and describe in clear terms what the disposal
effects will be on the financial statements. Explain why the disposal has not been reflected as an other transaction adjustment. Refer
to Rule 11-01(a)(8) of Regulation S-X. This disclosure should discuss the uncertainties and risk from disposing of this business including
the potential for a loss to be recognized.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: As further
discussed in the response to Comment 2, the Revised Filing contains supplemental disclosure discussing the intent to dispose of the legacy
IKONICS assets and operations after the consummation of the mergers pursuant to one or more sale transactions in accordance with the requirements
of the Contingent Value Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Registrant, after consultation
with TeraWulf, does not believe that the potential sale of the pre-merger IKONICS&#8217; business meets the &#8220;held for sale&#8221;
requirements of ASC 205-20-45-1E because (i) the merger agreement generally restricts IKONICS&#8217; ability to sell its assets and operations
and there is no expectation that IKONICS will commit to a plan to sell its assets and operations until after the consummation of the mergers,
and (ii) it is not expected that the IKONICS pre-merger business will be actively marketed for sale until after the consummation of the
mergers. In lieu of a description of the status of the process to dispose of IKONICS&#8217; assets or operations, the Revised Filing contains
supplemental disclosure further highlighting the restrictions on conducting such a process prior to the consummation of the mergers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">13.</TD><TD STYLE="text-align: justify"><I>Your disclosures indicate that the preliminary estimated CVR portion of the purchase price is computed
based primarily on a historical time weighted average of market capitalization of IKONICS less certain working capital items on the balance
sheet of IKONICS over the prior eight quarters. Please provide us with your calculation of the preliminary estimated CVR portion of the
purchase price. Revise your disclosures to explain in greater detail how you determined the preliminary estimated fair value of the CVR.
Explain how you plan to account for changes in the fair value of the CVR at each reporting period. Your response should address how your
accounting for the CVR will comply with ASC 805-30-25-6 and 25-7.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing contains supplemental disclosure on page 33 to describe in more detail the determination of the preliminary estimated value of
the CVR. Please be advised that the calculation of the preliminary estimated CVR portion of the purchase price used a weighting regime
applied to the quarterly adjusted average market capitalizations of IKONICS based on a weighting factor of eight for the second quarter
of 2021 and, for each successive prior quarter based on a weighting factor that decreases by a factor of one as compared to the immediately
succeeding quarter. For example, the first quarter of 2021 would have a weighting factor of seven and the third quarter of 2019 would
have a weighting factor of one.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Registrant, after consultation
with TeraWulf, expects that changes in the contingent consideration represented by the CVR, which is classified as a liability, in accordance
with ASC 805-30-35 whereby any change in fair value will first be evaluated to determine if it qualifies as a measurement period adjustment
(an unlikely event) or not based on whether information (i) will reflect facts and circumstances that existed at the acquisition date
or (ii)&nbsp;will relate to changes resulting from events after the acquisition date. At each reporting date, changes in CVR fair value
that are not measurement period adjustments would be reflected in the consolidated statement of operations for that period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">14.</TD><TD STYLE="text-align: justify"><I>Expand the disclosure in footnote 3(f) to show an estimated or preliminary allocation of the purchase
price to the tangible and intangible assets acquired. Also, for each class of intangibles acquired disclose the related amortization period
and the related amortization expense should be shown in the pro forma financial statements.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing contains an estimated and preliminary allocation of the purchase price to the tangible and intangible assets acquired in footnote
3(g) to the pro forma condensed combined financial statements. For each class of intangible assets acquired, the related estimated and
preliminary amortization period and expense has been disclosed. The amounts disclosed in footnote 3(g) are reflected in the pro forma
condensed combined financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risk Factors, page 35</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">15.</TD><TD STYLE="text-align: justify"><I>We note that your articles of incorporation will contain an exclusive forum provision. Please describe
the provision in your registration statement and disclose whether this provision applies to actions arising under the Securities Act or
Exchange Act. In that regard, we note that Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought
to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder, and Section 22 of the Securities
Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the
Securities Act or the rules and regulations thereunder. If the provision applies to Securities Act claims, please also revise your registration
statement to state that there is uncertainty as to whether a court would enforce such provision and that investors cannot waive compliance
with the federal securities laws and the rules and regulations thereunder. If this provision does not apply to actions arising under the
Securities Act or Exchange Act, please also ensure that the exclusive forum provision in the governing documents states this clearly,
or tell us how you will inform investors in future filings that the provision does not apply to any actions arising under the Securities
Act or Exchange Act.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: Article XII
of the form of Holdco&#8217;s post-merger amended and restated certificate of incorporation has been revised to state, in relevant part,
that the exclusive forum provision &#8220;shall not apply to suits brought to enforce a duty or liability created by the Securities Exchange
Act of 1934, as amended, or any other claim for which the federal courts have exclusive jurisdiction.&#8221; Please see pages 177, F-6
and G-19 in the Revised Filing for related supplemental disclosure. In addition, the Revised Filing includes an additional risk factor
in the section titled &#8220;<I>Risk Factors</I>&#8221; relating to the exclusive forum provision in Holdco&#8217;s amended and restated
certificate of incorporation. Please see pages 44 and 45.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Background to the Mergers, page 60</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">16.</TD><TD STYLE="text-align: justify"><I>We note your disclosure that the Board determined the pre-transaction valuation for TeraWulf was $2.0
billion. Please revise to discuss how the board determined that this was fair and reasonable. In addition, include more detailed disclosure
regarding how this valuation was prepared, including the companies compared and the metrics used in the comparison.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The references
to the pre-transaction values of TeraWulf represent valuations implied by the relative ownership and the market capitalization of IKONICS
at each point in the negotiations. The Revised Filing contains supplemental and revised disclosure to more clearly state the nature of
the implied valuations throughout the course of negotiations among IKONICS and TeraWulf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">17.</TD><TD STYLE="text-align: justify"><I>Please revise your disclosure throughout this section to provide greater detail regarding the background
of the transaction, including the material issues discussed and key negotiated terms. The disclosure should provide shareholders with
an understanding of how, when, and why the material terms of your proposed transaction evolved and why this transaction is being recommended
as opposed to any alternatives. In your revised disclosure, please ensure that you address the following:</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>the material terms for any proposals and subsequent proposals and counter offers;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>how you determined valuations and why you consider them reasonable;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>at what point other strategic alternatives were eliminated from consideration</I>.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing contains supplemental and revised disclosure under the heading &#8220;Background to the Mergers&#8221; to, among other things,
provide additional detail of the background of the transaction, including the items noted by the Staff, beginning on page 63.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Financial Forecasts, page 69</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">18.</TD><TD STYLE="text-align: justify"><I>We note that your forecasts assume &quot;bitcoin&#8217;s growth from a starting point of $35,000 and
increasing at a rate of 1% per month.&quot; For clarity, please revise to provide the associated Bitcoin value at each year end using
that assumption.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The forecasts
were prepared based on projected average prices of one bitcoin over each period rather than a single year-end value. Accordingly, the
tabular disclosure of the forecasts set forth on page 76 of the Revised Filing has been supplemented to include a separate line providing
the projected average bitcoin price for each fiscal year presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">19.</TD><TD STYLE="text-align: justify"><I>We note the assumptions used in preparing your projections through 2027. Please clarify the following:</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>the basis for the 1% monthly growth in Bitcoin over the six year period;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>how you determined that the network hashrate will be ~498 Eh/s at the end of 2027 and how you assumed
a planned expansion with approximately 230,000 miners deployed by 2027E. In that regard, we note that over the last six years the Bitcoin
hashrate has increased by a substantially greater degree than your projections for hashrate over the next six years;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>the assumed overall network hash rate at the end of each period presented;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>The basis for growth in average bitcoin transaction fees as a percentage of mining revenue from a starting
point of 7.5% increasing ratably to 54.4% by 2027E</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>How you determined that mining equipment cost of $50/TH and how you considered increases in mining
equipment costs and supply constraints.</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>whether you assumed increases in ASIC efficiency in TH per watt, and, if so, what rate you used for
your assumptions for each period presented; and</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>your assumptions regarding your power costs and selling, general and administrative expenses for the
periods presented in your forecasts.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>In addition, please revise to explain
how you have a reasonable basis to project results six years in the future given that TeraWulf has not generated any revenue and has a
limited operating history.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing contains supplemental disclosure clarifying several assumptions underlying the projections, including each of the items identified
in the Staff&#8217;s comments, beginning on page 75.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In evaluating the reasonableness of
the assumed 1% monthly growth in the value of one bitcoin, IKONICS compared historical changes in bitcoin values over the prior 12, 24,
and 36 months, each of which substantially exceeded 1%. Because increases in the bitcoin growth rate would have only increased the valuation
implied by the model, we viewed the 1% growth rate to be reasonable in light of the potential continued volatility and relative uncertainty
inherent in predicting the value of bitcoin and cryptocurrencies generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">20.</TD><TD STYLE="text-align: justify"><I>Please revise this section to provide balancing disclosure regarding the limitations on the underlying
assumptions. As part of your discussion, address the speculative nature of assessing the future difficulty and hash rate of the Bitcoin
network given the past rates of increase, and the expected efficiency improvements in ASIC miners, in addition to your other underlying
assumptions.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing contains supplemental balancing disclosure regarding the limitations on the underlying assumptions on page 77. Such discussion
is intended to further supplement the risk factors set forth the Revised Filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>




<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><U>TeraWulf's Forecasts, page 70</U></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">21.</TD><TD STYLE="text-align: justify"><I>Please revise to disclose in greater detail the basis for and the nature of the key elements and material
assumptions underlying the forecasts for revenue, gross profit, net income, EBITDA and capital expenditures. Explain how you determined
that the assumptions are reasonable and the level of support is persuasive considering the volatility in the entire cryptocurrency industry,
including the value of bitcoin; cryptocurrencies are a relatively new concept and asset class and; Bitcoin has a limited history and its
price has been particularly volatile. Explain how your underlying forecasts consider the supply constraints at chip foundries, which you
disclose are expected to impact pricing and delivery schedule. Please note that an absence of adequate support may preclude a registrant's
ability to include prospective financial statements in the filing. Additionally, a company with a limited operating history may not have
a reasonable basis to present a financial forecast beyond one year.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing contains supplemental disclosure describing in further detail the key elements and material assumptions of bitcoin mining economics
underlying TeraWulf&#8217;s financial forecasts. Please see pages 75 to 77.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">22.</TD><TD STYLE="text-align: justify"><I>We note that substantially all TeraWulf&#8217;s revenue will be derived from two primary sources: earning
bitcoin rewards and transaction fees for validating transactions. Please disaggregate revenue to include estimated revenue for bitcoin
rewards and transaction fees. Provide the underlying assumptions and metrics for each of these revenue line items that supports your estimates.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing includes a table disaggregating the components of revenue and explanatory footnotes relating to the bitcoin rewards revenue and
transaction fee revenue. Please see pages 76 and 77.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>BitCoin Mining and BitCoin Network, page 112</U></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">23.</TD><TD STYLE="text-align: justify"><I>Please discuss how the company will utilize mining pools and how mining pools operate. As part of your
discussion, explain whether the company will aggregate the hashing power into pools hosted by third-parties, or if they the company intends
to operate its own mining pool. To the extent applicable, be sure to address the fees associated with third-party pool operators and tell
us whether you have any agreements with any pool operators.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing includes a description of the operation of third-party mining pools and TeraWulf&#8217;s plans to utilize one or more third-party
mining pools. Please see pages 119 and 120.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>




<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 13</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><U>Planned Mining Operations, page 113</U></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">24.</TD><TD STYLE="text-align: justify"><I>Please revise your disclosure to discuss whether you have a policy regarding when you intend to sell
Bitcoin for fiat currency to fund operations or growth, whether you intend to acquire digital assets other than Bitcoin, what exchange
you intend to use for converting your Bitcoin to fiat currency, and the fees generally incurred for conversion. To the extent you have
an agreement with a third-party exchange, please disclose the material terms and file the agreement as an exhibit.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing includes supplemental information with respect to TeraWulf&#8217;s plans and policies to exchange bitcoin for fiat currency. Please
see page 121.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Management's Discussion and Analysis of TeraWulf's Financial Condition
and Results of Operations<BR>
Liquidity and Capital Resources, page 129</U></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">25.</TD><TD STYLE="text-align: justify"><I>You disclose that TeraWulf&#8217;s present capital resources are not sufficient to fund the planned
development of its business, including the projected build out of its bitcoin mining facility sites, for a twelve-month period without
additional sources of capital. Please revise to include a detailed discussion of your ability to meet your liquidity needs both on a long-term
and short-term basis. Specifically, disclose the minimum funding that will be required to remain in business for at least the next 12
months. Also, disclose the minimum period of time you will be able to conduct planned operations using currently available capital resources.
Your disclosures should also discuss your ability to satisfy your obligations according the various agreements relating to TeraWulf&#8217;s
business and operations as disclosed beginning on page 114 of your filing. We refer to Item 303(a) of Regulation S-K.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing includes supplemental disclosure further addressing TeraWulf&#8217;s ability to meet its liquidity needs and a related table setting
forth TeraWulf&#8217;s contractual obligations and other commitments beginning on page 136.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">26.</TD><TD STYLE="text-align: justify"><I>Your liquidity disclosures indicate that certain factors, among others, raise doubt about TeraWulf&#8217;s
ability to continue as a going concern. Please describe management&#8217;s plans in greater detail and whether those plans alleviate substantial
doubt as to your ability to continue as a going concern. Address any additional information about relevant events or conditions and management&#8217;s
plans that have become available in subsequent interim periods. We refer to ASC 205-40-50-(12 through 14).</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The
Revised Filing describes in greater detail TeraWulf&#8217;s plans to fund the development of its business operations. Please see
pages 136 and 137.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>




<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 14</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><U>Certain Relationships and Related Party Transactions, page 153</U></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">27.</TD><TD STYLE="text-align: justify"><I>We note that this section identifies several transactions as related party transactions. Please revise
to identify the related party and to provide the nature of the relationship to the issuer, and the aggregate payments to be made for each
transaction. Refer to Item 18(a)(7)(iii) of Form S-4 and Item 404 of Regulation S-K. In addition, it appears that Beowulf E&amp;D provides
the office space for your headquarters, but that transaction is not included in your related party transaction discussion. Please revise.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing includes supplemental and revised disclosure to more specifically identify related parties, the nature of their relationship to
TeraWulf, and the payments to be made under such related party transactions starting on page 161. In addition, the Revised Filing includes
a discussion of the office space provided by Beowulf E&amp;D. Please see page 162.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Security Ownership of Certain Beneficial Owners...of TeraWulf, page
176</U></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">28.</TD><TD STYLE="text-align: justify"><I>Please disclose the natural person or persons who exercise sole or shared voting and/or dispositive
powers with respect to the shares held by Stammtisch Investments LLC and AOW Capital LLC.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: As addressed
in the Registrant&#8217;s response to Comment 1, the Revised Filing reflects recent changes to the significant stockholders of TeraWulf.
For each of TeraWulf&#8217;s current significant stockholders, the Revised Filing includes footnotes to the beneficial ownership tables
disclosing the natural person or persons who exercise voting and/or dispositive powers with respect to the shares held. Please see pages
184 to 186.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">29.</TD><TD STYLE="text-align: justify"><I>Please tell us whether the beneficial ownership table accounts for the conversion of the Series A Preferred
stock sold in the private placement that concluded on June 15, 2021. To the extent it does not, please revise to include the beneficial
ownership of officers, directors, and greater than 5% for each class of securities outstanding and provide a discussion of the conversion
features.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing contains revisions to clarify that (x) the beneficial ownership table for TeraWulf common stock does not include shares of TeraWulf
common stock issuable upon conversion of the Series A Preferred Stock and (y) the beneficial ownership table for Holdco common stock includes
shares of Holdco common stock issuable upon conversion of the Series A Preferred Stock. The Registrant further advises the Staff that
no holder of Series A Preferred Stock is expected to hold 5% or more of the shares of Holdco common stock following the consummation of
the mergers. Please see pages 184 to 186.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>




<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 15</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><U>TeraWulf, Inc.<BR>
Financial Statements<BR>
Note 1. Organization and Significant Accounting Policies, page H-9</U></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">30.</TD><TD STYLE="text-align: justify"><I>Please disclose in sufficient detail your revenue recognition accounting policy.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing discloses TeraWulf&#8217;s revenue recognition policy in Note 2 of TeraWulf Inc. and subsidiaries&#8217; unaudited interim
condensed consolidated financial statements as of and for the three months ended June 30, 2021. A relevant excerpt from Note 2 follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white"><B>Revenue recognition&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">The Company recognizes revenue under
FASB ASC 606 &#8220;<I>Revenue from Contracts with Customers</I>.&#8221; The core principle of the revenue standard is that a company
should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration
to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that
core principle:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 72pt"></TD><TD STYLE="text-align: justify; width: 9pt">&#8226;</TD><TD STYLE="text-align: justify">Step 1: Identify the contract with the customer</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 72pt"></TD><TD STYLE="text-align: justify; width: 9pt">&#8226;</TD><TD STYLE="text-align: justify">Step 2: Identify the performance obligations in the contract</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 72pt"></TD><TD STYLE="text-align: justify; width: 9pt">&#8226;</TD><TD STYLE="text-align: justify">Step 3: Determine the transaction price</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 72pt"></TD><TD STYLE="text-align: justify; width: 9pt">&#8226;</TD><TD STYLE="text-align: justify">Step 4: Allocate the transaction price to the performance obligations in the contract</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 72pt"></TD><TD STYLE="text-align: justify; width: 9pt">&#8226;</TD><TD STYLE="text-align: justify">Step 5: Recognize revenue when the Company satisfies a performance obligation</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">In order to identify the performance
obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised
good or service that is distinct. A performance obligation meets ASC 606&#8217;s definition of a &#8220;distinct&#8221; good or service
(or bundle of goods or services) if both of the following criteria are met: The customer can benefit from the good or service either on
its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct),
and the entity&#8217;s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract
(i.e., the promise to transfer the good or service is distinct within the context of the contract).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">If a good or service is not distinct,
the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">The transaction price is the amount
of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The
consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction
price, an entity must consider the effects of all of the following:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 72pt"></TD><TD STYLE="text-align: justify; width: 9pt">&#8226;</TD><TD STYLE="text-align: justify">Variable consideration</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 72pt"></TD><TD STYLE="text-align: justify; width: 9pt">&#8226;</TD><TD STYLE="text-align: justify">Constraining estimates of variable consideration</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 72pt"></TD><TD STYLE="text-align: justify; width: 9pt">&#8226;</TD><TD STYLE="text-align: justify">The existence of a significant financing component in the contract</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 72pt"></TD><TD STYLE="text-align: justify; width: 9pt">&#8226;</TD><TD STYLE="text-align: justify">Noncash consideration</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 72pt"></TD><TD STYLE="text-align: justify; width: 9pt">&#8226;</TD><TD STYLE="text-align: justify">Consideration payable to a customer</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">Variable
consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount
of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently
resolved. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The
transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point
in time or over time as appropriate.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; background-color: white"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Page 16</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white"><I>Mining pools</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">The Company intends to enter into
cryptocurrency mining pools by executing contracts with the mining pool operators to provide computing power to the mining pool. The contracts
are expected to be terminable at any time by either party and our enforceable right to compensation only begins when the Company provides
computing power to the mining pool operator. In exchange for providing computing power, the Company will be entitled to a fractional share
of the fixed cryptocurrency award the mining pool operator receives (less fees to the mining pool operator), for successfully adding a
block to the blockchain. The Company&#8217;s fractional share is based on the proportion of computing power the Company contributed to
the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">Consideration is constrained from
recognition until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives
confirmation of the consideration it will receive; at this time, cumulative revenue is no longer probable of significant reversal, i.e.,
associated uncertainty is resolved. Fair value of the cryptocurrency award received is determined using the quoted price of the related
cryptocurrency <FONT STYLE="background-color: white">at the time of receipt.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">There is no significant financing
component in these transactions. There is, however, consideration payable to the customer in the form of a pool operator fee, payable
only if the pool is the first to solve the equation; this fee will be deducted from the proceeds the Company receives and will be recorded
as contra-revenue, as it does not represent a payment for a distinct good or service.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">Providing computing power in cryptocurrency
transaction verification services will be an output of the Company&#8217;s ordinary activities. The provision of providing such computing
power is a performance obligation. The transaction consideration the Company receives, if any, is non-cash consideration and is all variable.
Fair value of the cryptocurrency award received for cryptocurrency transaction verification services is determined using the quoted price
of the related cryptocurrency at the time of receipt. There is no significant financing component in these transactions.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white"><B>Cryptocurrencies</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">Cryptocurrencies, including bitcoin,
will be included in current assets in the consolidated balance sheets. Cryptocurrencies purchased will be recorded at cost and cryptocurrencies
awarded to the Company through the Company&#8217;s mining activities will be accounted for in connection with the Company&#8217;s revenue
recognition policy disclosed above.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">Cryptocurrencies will be accounted
for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed
for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not
that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using
the quoted price of the cryptocurrency at the time its fair value is being measured. In testing for impairment, the Company has the option
to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined
that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes
otherwise, the Company is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss
establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>




<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">September 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Page 17</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; background-color: white">Purchases of cryptocurrencies made
by the Company will be included within investing activities in the consolidated statements of cash flows, while cryptocurrencies awarded
to the Company through its mining activities will be included as a non-cash adjustment within operating activities on the consolidated
statements of cash flows. The sales of cryptocurrencies will be included within investing activities in consolidated statements of cash
flows and any realized gains or losses from such sales will be included in other income (expense) in the consolidated statements of operations.
The Company will account for its gains or losses in accordance with the first in first out (&#8220;FIFO&#8221;) method of accounting.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white"><FONT STYLE="background-color: white">There
is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies recognized
as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event
authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company&#8217;s
consolidated financial position and results from operations.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">31.</TD><TD STYLE="text-align: justify"><I>We note that the Articles of Incorporation include a provision renouncing the corporate opportunities
doctrine &quot;relating to the Sponsor&#8217;s continued involvement in (A) the Bitcoin mining business in Hardin, MT, that is in existence
as of the date of the filing of this Amended and Restated Certificate of Incorporation, on behalf of Beowulf Energy LLC in connection
with its building and operation of a data center for Marathon Digital Holdings Inc.&quot; In an appropriate location in the prospectus,
please revise to disclose the nature of the Sponsor's relationship with the enumerated entities, the identity of the Sponsor and affiliated
entities, and any potential conflicts of interest.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: The Revised
Filing includes supplemental disclosure with respect to the limited renouncement of the corporate opportunities doctrine in relation to
the bitcoin mining business in Hardin, Montana, in connection with building and operation by Beowulf Energy LLC of a data center for Marathon
Digital Holdings Inc. See pages 176 and 177.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please contact us if we can further assist your review of the filings.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">IKONICS CORPORATION</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Glenn Sandgren</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Glenn Sandgren</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer</TD></TR>
  </TABLE>




<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in">cc:</TD><TD STYLE="text-align: justify">Jon Gerlach, Chief Financial Officer<BR>
W. Morgan Burns, Faegre Drinker Biddle &amp; Reath LLP<BR>
Joshua L. Colburn, Faegre Drinker Biddle &amp; Reath LLP<BR>
W. Jason Deppen, Faegre Drinker Biddle &amp; Reath LLP</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



<P STYLE="text-align: justify; margin: 0"></P>

<!-- Field: Page; Sequence: 17; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
