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Nuclear Power Plants Form Ventures with Cryptocurrency Companies

  • By Admin
  • August 17, 2021
  • 40 Views

Several nuclear power plants, including 2 in Pennsylvania, have signed deals with Cryptocurrency companies to provide the electricity needed to run computer centers that mine bitcoin. 

Last month Energy Harbor Corp. announced it signed a five-year agreement to provide zero-carbon electricity to a new bitcoin mining center operated by Standard Power in Coshocton, Ohio. Energy Harbor owns two nuclear units in Ohio and the twin-unit Beaver Valley Power Station in Pennsylvania.

This Week, Talen Energy, the owner of the Susquehanna Steam Electric Station, announced that it has signed a deal with TeraWulf Inc., an Easton, Md. cryptocurrency mining firm, to build a giant bitcoin factory next to its twin reactors in northern Pennsylvania. The first phase of the venture, dubbed Nautilus Cryptomine, could cost up to $400 million.

Talen’s project could eventually use up to 300 megawatts — or 12% of Susquehanna’s 2,500 MW capacity.

Since nuclear energy does not emit greenhouse gases, the project’s investors say, the zero-carbon bitcoin would address climate concerns that have tarnished the energy-intensive cryptocurrency industry.

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