Talen Energy partners with TeraWulf to set up $350M zero-carbon Bitcoin mining p

[RSRS]

Power production company Talen Energy Corporation has announced a joint venture with cryptocurrency mining firm TeraWulf to set up a zero-carbon Bitcoin mining project.

In a press statement, Talen Energy indicated that the joint venture would see the establishment of a power plant with a capacity of 300 Megawatts.

The statement notes that the partnership dubbed Nautilus Cryptomine leverages the strengths of the two companies, focusing on creating the convergence of clean energy sources and digital infrastructure assets.

The project has been divided into segments, with the first phase projected to establish a 180-megawatt Bitcoin mining facility. The facility will be built on Talen’s digital infrastructure campus adjacent to its Susquehanna nuclear power generation station in Berwick, Pennsylvania.  The initial phase is set to be complete by mid-year 2022.

The project will be powered through a direct interconnection to Susquehanna that will offer low-cost, reliable, zero-carbon electricity. Notably, the facility will be stationed behind the meter connected to Susquehanna, which provides low-cost energy to mining Bitcoin.

Furthermore, the project will record investment of about $350 to $400 million in the first phase. The hash rate is expected to exceed five exahash per second.

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