Talen Energy buys stake in nuclear-powered bitcoin mining campus

Terawulf

03/10/2024 23:37

Oct 3 (Reuters) - U.S. utility firm Talen Energy  TLN.O 
said on Thursday it has bought TeraWulf's  WULF.O  minority
stake in a 200-megawatt (MW) bitcoin mining facility in
Pennsylvania.
    The deal is for a total consideration of $85 million in cash
and some physical assets used in bitcoin mining operations. 
    TeraWulf's shares fell about 3.8% after the bell.
    Talen now has complete ownership in the Nautilus facility,
which has the capacity to power about 160,000 homes and is the
first digital coin mining operation directly supplied with
on-site nuclear energy.
    Earlier this year, Reuters had reported that Talen was
looking to offload its stake in the Nautilus facility, in a
process marketed to both data center developers and
cryptominers.
    "(The deal) provides us with increased flexibility as we
explore strategic alternatives in order to maximize the value
per megawatt for our Susquehanna nuclear generation facility,"
Talen said in a statement.
    Operated by Talen, the Susquehanna nuclear plant is located
right next to a 900 MW data center campus which it sold to
e-commerce giant Amazon  AMZN.O , earlier this year.

 (Reporting by Vallari Srivastava in Bengaluru; Editing by
Shailesh Kuber)
 ((Srivastava.Vallari@thomsonreuters.com;))