Form: 10-K

Annual report pursuant to Section 13 and 15(d)

Exhibit 21.1

TERAWULF INC.

List of Subsidiaries

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As of December 31, 2022

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Jurisdiction of Incorporation or Organization

Percentage of Voting Securities Held by Immediate Parent

TeraWulf Inc.

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Delaware

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TeraCub Inc.

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Delaware

100%

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TeraLease LLC

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Delaware

100%

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TeraWulf Ploughwind LLC

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Delaware

100%

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Kyalami Data LLC

Delaware

100%

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TeraWulf (Thales) LLC

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Delaware

100%

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Nautilus Cryptomine LLC

Delaware

25%

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TeraWulf Brookings LLC

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Delaware

100%

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Lake Mariner Data LLC

Delaware

100%

RM 101 Inc. (formerly

known as IKONICS

Corporation)

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Delaware

100%

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