Exhibit 21.1

TERAWULF INC.

List of Subsidiaries

As of December 31, 2022

Jurisdiction of Incorporation or Organization

Percentage of Voting Securities Held by Immediate Parent

TeraWulf Inc.

Delaware

TeraCub Inc.

Delaware

100%

TeraLease LLC

Delaware

100%

TeraWulf Ploughwind LLC

Delaware

100%

Kyalami Data LLC

Delaware

100%

TeraWulf (Thales) LLC

Delaware

100%

Nautilus Cryptomine LLC

Delaware

25%

TeraWulf Brookings LLC

Delaware

100%

Lake Mariner Data LLC

Delaware

100%

RM 101 Inc. (formerly

known as IKONICS

Corporation)

Delaware

100%