Bitcoin Miner Procurement
Company: TeraWulf
What the later record shows
Partly delivered
The Q1 2022 Bitmain agreement was fully performed, but the Q2 2022 agreement was cancelled in September 2022. The December 2021 agreements also lost their November and December batches, and the aggregate fell to 44,450 miners through March 2023, well short of 78,000.
“Despite securing Equipment Supply Agreements that provide for delivery of an aggregate total of 44,450 miners between January 2022 and March 2023”
2022-12-11 · TeraWulf 424B5 filed 2022-12-12 View cached copy (2026-09-13)Live source ↗
“As of December 31, 2022, the Q1 2022 Bitmain Agreement was concluded with all parties performing under the contract.”
2025-03-02 · TeraWulf 10-K filed 2025-03-03 View cached copy (2026-08-31)Live source ↗
“In September 2022, the Q2 2022 Bitmain Agreement was cancelled whereby each Member received a $ 31.2 million credit with Bitmain”
2025-03-02 · TeraWulf 10-K filed 2025-03-03 View cached copy (2026-08-31)Live source ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Entered into purchase agreements with two bitcoin miner manufacturers to acquire up to 78,000 bitcoin miners with expected delivery between December 2021 and December 2022
Source (primary)
TeraWulf 10-K filed 2022-03-31 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “During 2021, the Company entered into certain purchase agreements with two bitcoin miner manufacturers to acquire up to a total of 78,000 bitcoin miners, which are expected to be delivered between December 2021 and December 2022”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
Note 1 of the 10-K states the two-manufacturer agreements for up to 78,000 miners with the stated delivery window.
Confirmed in the source:
- During 2021 the Company entered into purchase agreements with two bitcoin miner manufacturers
- The agreements cover up to a total of 78,000 bitcoin miners
- Deliveries are expected between December 2021 and December 2022
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1083301/000110465922041168/wulf-20211231x10k.htm) in full (353,283 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms TeraWulf 10-K filed 2022-03-31
Quote: “During 2021, the Company entered into certain purchase agreements with two bitcoin miner manufacturers to acquire up to a total of 78,000 bitcoin miners, which are expected to be delivered between December 2021 and December 2022”