Exhibit 21.1

TERAWULF INC.

List of Subsidiaries

1.

Kyalami Data LLC

2.

Lake Mariner Data LLC

3.

Nautilus Cryptomine LLC (50%)

4.

TeraCub Inc.

5.

TeraWulf Brookings LLC

6.

TeraWulf Ploughwind LLC

7.

TeraWulf (Thales) LLC

8.

IKONICS Corporation