• Talen Energy is awarded $175 million for its data and cryptocurrency mining operations

  • Talen Energy Corp., a power producer, was awarded $175 million to expand into renewable energy, data collection, and crypto mining.

    In an effort to revitalize the company, the otherwise financially troubled energy producer signed a six-year deal with Orion Energy Partners. The deal netted Talen Energy Corporation $175 million, with $125 million paid up front. The remaining funds will be distributed as the company achieves its objectives.

    Talen, which is backed by Riverstone Holdings, has ambitions to become a renewable energy producer. It will also open a data center and a cryptocurrency mining operation as part of the deal. This comes as the mining industry as a whole looks for more environmentally friendly ways to operate.

    In addition, Orion will receive a non-voting equity stake in Cumulus Digital LLC, the company that owns the data center and mining facility.

    Concerns about cryptocurrency mining

    The mining community has one of the most serious concerns in the crypto world. Environmentalists and crypto enthusiasts alike are calling for more environmentally friendly mining methods.

    Furthermore, over the last year, entire countries have stated their positions on mining. China’s major cleaning spree of crypto mining facilities across the country over the last year is the most notable example. Iran also imposed restrictions on mining operations, but after four months of inaction, they were allowed to resume.

    One of Canada’s environmentally friendly mining operations recently went public. The TSX Venture Exchange in Toronto listed bitcoin under the ticker “SATO” in honor of its creator. In addition, on September 15th of this year, the contested Greenidge mining operation was made public.

    Greenidge was bombarded with questions from the press and the public about the environmental concerns raised by its operations. However, in keeping with the community’s eco-friendly trend, the mining operations have stated that they plan to be carbon neutral by the end of 2021.

    What's your reaction?