New York's Greenidge Power Plant Installs 7,000 Mining Machines, Mining Coins Worth $50,000 a Day

Author: Liang CHE

Source: bitpush.news

The Greenidge Power Plant in the New York area has partnered with Atlas Holding LLC to install 7,000 crypto mining machines.

According to Bloomberg, the power plant can earn about $50,000 worth of cryptocurrency (5.5 bitcoins) every day by using its electricity for mining.

The 65,000-square-foot Dresden Power Plant in New York was built in 1973 as a coal-fired power plant and later converted to a gas-fired power plant.

Atlas Holding LLC said that these mining machines have extremely low electricity costs because they run inside power plants. Conventional crypto mining machines are usually very energy-intensive, so miners have been looking for cheap electricity around the world, such as using electricity from hydroelectric power plants.

Greenidge said the cost of electricity for the mining machines in the power plant is predictable and low because, essentially, it only covers the cost of production.

The power plant’s crypto mining machines consume only 15 megawatts of the plant’s 115 megawatt capacity. Previously, the plant only operated during the summer or winter when energy demand peaked, but now it can operate year-round.

While all bitcoin miners will be affected by the block reward halving scheduled for May, when miners’ rewards will be cut in half, the owners of the power plant believe they will still remain profitable.

“We are well positioned to capitalize on price volatility regardless of how the halving is achieved,” said Tim Rainey, Greenidge’s chief financial officer. “Because of our unique position as a thermal power plant, we are able to make money in a down market, so we are well positioned to weather price fluctuations.”

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