<SEC-DOCUMENT>0001104659-24-004180.txt : 20240430
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<ACCEPTANCE-DATETIME>20240116173244
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ACCESSION NUMBER:		0001104659-24-004180
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TERAWULF INC.
		CENTRAL INDEX KEY:			0001083301
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				871909475
		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
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TERAWULF INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>9 Federal Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Easton, Maryland 21601</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">January 16, 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F. Street, N.E.<BR>
Washington, D.C. 20549</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Office of Crypto Assets</P>

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

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<TD STYLE="width: 27.4pt"></TD><TD STYLE="width: 44.25pt"><B>Re:</B></TD><TD><B>TeraWulf Inc.<BR>
Amendment No. 1 to Registration Statement on Form S-3<BR>
Filed December 1, 2023<BR>
File No. 333-274788</B></TD></TR></TABLE>

<P STYLE="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">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of TeraWulf Inc. (the &#8220;<I>Company</I>&#8221;),
I am pleased to submit this letter in response to the written comments of the Staff of the U.S. Securities and Exchange Commission (the
&#8220;<I>Commission</I>&#8221;) received on December 27, 2023 (the &#8220;<I>Comment Letter</I>&#8221;) to the above-referenced Amendment
No. 1 to Registration Statement on Form S-3 filed with the Commission by the Company on December 1, 2023 (the &#8220;<I>Registration Statement</I>&#8221;).
The Company has also revised the Registration Statement in response to the Staff&#8217;s comments and, concurrently with delivery of this
letter, has filed with the Commission an amendment to the Registration Statement, which reflects these revisions (&#8220;<I>Amendment
No.&nbsp;2</I>&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To assist your review, set forth below in bold
are the comments of the Staff contained in the Comment Letter. Immediately below each reproduced comment is the response of the Company
with respect thereto or a statement identifying the location in Amendment No. 2 of the requested disclosure or revised disclosure. Capitalized
terms used but not defined herein have the meanings ascribed to such terms in Amendment No. 2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Amendment No. 1 to Registration Statement on Form S-3</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Prospectus Summary<BR>
Business Overview, page 4</U></P>

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

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<TD STYLE="width: 0.25in">1.</TD><TD>Refer to comment 2 and your revised disclosures on pages 5 - 6. We restate the comment in part. Please further revise to address the
following points:</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD>You disclose that your miners at the Lake Mariner Facility are &quot;primarily comprised of Bitmain Antminer S19 series&quot; miners.
Please comprehensively describe the types of miners you own at this facility and quantify each respective type (e.g., number of Bitmain
Antminer S19 series, etc.); and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD>Disclose the average downtime due to scheduled maintenance and non-scheduled maintenance of miners at the Nautilus Cryptomine Facility.</TD></TR></TABLE>

<P STYLE="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">In response to the Staff&#8217;s comment, the Company has revised its
disclosures under &#8220;Business Overview&#8221; on pages 5 through 6.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Refer to comment 3 and your breakeven analysis on pages 7 - 8 describing the average cost of mining each bitcoin at the Lake Mariner
Facility. We partially reissue the comment. Please revise to provide a comprehensive breakeven analysis, taking into account not only
your operations at the Lake Mariner Facility, but also the Nautilus Cryptomine Facility, or advise otherwise. Additionally, please revise
to clarify whether, and if so how, the cost of purchasing mining equipment factors into your analysis. Furthermore, clarify whether you
finance the purchase of mining equipment and, if so, reflect financing costs in your analysis.</TD></TR></TABLE>

<P STYLE="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">In response to the Staff&#8217;s comment, the Company has revised its
disclosures under &#8220;Business Overview&#8221; on pages 7 through 9.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please contact me at (646) 243-1873 if I can further
assist your review of the Amendment No. 2.</P>

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

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  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">TERAWULF INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">/s/ Stefanie Fleischmann</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%">Name:</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 40%">Stefanie Fleischmann</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Legal Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cc:&nbsp;&nbsp;&nbsp;Lynwood E. Reinhardt, Reed Smith LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Anthony J. Marsico, Reed Smith LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Michael S. Lee, Reed Smith LLP</P>

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

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

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