Bitcoin miners acquire New York power plant to quadruple mining power

A decade ago, the bankrupt owners of New York's Greenidge power plant sold the coal-fired plant for scrap, giving up its operating license.

Image from nysfocus

It then sat idle for the next seven years, but now Greenidge is back in operation, providing electricity for bitcoin mining.

It is reported that Greenidge now uses natural gas as fuel, and the new owner of the power plant plans to increase mining computing power fourfold.

The Greenidge team revealed that the facility had mined 1,186 bitcoins in the 12 months to February, with an average net cost of about $2,869.

However, U.S. environmentalists are concerned that dozens of other retired coal-fired power plants in New York may follow Greenidge's lead, affecting New York's plans to reduce carbon emissions.