The power plant, in the Finger Lake District (New York State), is mining Bitcoin cryptocurrency. It brings about $ 50,000 every day. Business management, according to data from Bloomberg, is a private investment company Atlas Holding LLC. Over the past few months, about 7 thousand devices have been installed at the Greenidge Generation power plant. They can produce 5.5 BTC per day. It was revealed, that initially the enterprise, which began its activities in 1937, operated on coal, then switched to natural gas. Employees of Greenidge Generation Miners consume unused electricity, because of which the company could significantly reduce costs. The leadership of the power plant claims that, compared with the performance indicators of other participants in the mining industry, for them, the cost of mining cryptocurrency is low and, one might say, predictable. A mining farm server from New York State consumes approximately 15 megawatts of the 106 megawatts produced by the power plant. Previously, enterprise capacities were used only during peak demand for electricity (winter and summer), but now it has been operating for a whole year. The owners believe that it will be possible to take advantage of their activities after the BTC halving, which will be held in May.
It is reported that daily mining installations can produce bitcoin worth about $ 50,000 (~ 5.5 BTC). According to Atlas Holding, mining farms use only a small part of the plant’s capacity, which makes their maintenance super-cheap. Since cryptocurrency mining farms consume a lot of electricity, miners are constantly in search of a cheap source of energy.
Goldmine Greenidge Generation representatives assure that the energy costs in Finger Lakes are predictable and low, which makes the region even more attractive for cryptocurrency miners. The mining farm installed by Atlas Holding consumes about 15 MW of 115 MW of capacity that the plant produces. Besides, if earlier the plant worked only during periods of peak energy demand, in summer or winter, now it works all year round.
Although Bitcoin halving will take place in May, which will halve bitcoin emissions and reward miners for work, the owners of Greenidge Generation believe that the established farms will remain in the black.
“We are in good spirits in the market, no matter how halving affects production,” said Tim Rainey, CFO of Greenidge Generation.
Highly competitive business
We previously wrote that the position of the cryptocurrency mining market leaves much to be desired. This is because of the rapid growth of the hashrate of the Bitcoin blockchain network, but also the high competitiveness in the crypto mining market.
Also, the founder of Digital Currency Group and Grayscale Investments, Barry Zilbert, expressed the interest of many Chinese crypto miners to relocate their farms to Canada or the United States.
At the same time, regulators around the world do not cease to come up with new methods of dealing with hidden mining. For example, the Iranian authorities came up with an original way to combat the illegal mining of cryptocurrencies. The Iranian regulator has promised to encourage everyone who will provide information about illegal miners.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.