This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
TeraWulf Inc. brands itself as a zero-carbon bitcoin miner, but a Hunterbrook Media investigation in August 2024 documented apparent greenwashing. TeraWulf's management team, through predecessor company Beowulf, revived a struggling coal plant for bitcoin mining, increasing that facility's emissions by 900%. At its Lake Mariner facility in Lansing, New York, the New York Power Authority (NYPA) confirmed to Hunterbrook that none of the power it supplies to TeraWulf can be claimed as renewable, and a TeraWulf spokesperson confirmed the company has not purchased renewable energy credits to substantiate its zero-carbon claims. The Lansing Town Council imposed a zoning moratorium after being blindsided by TeraWulf's cryptocurrency mining plans. Cayuga Lake Environmental Action Now (CLEAN) opposes the facility, citing threats to lake health, drinking water, and community resilience. Residents have raised concerns about electricity costs, noise pollution, and water consumption.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.