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A power plant in New York is mining $ 50,000 Bitcoin daily

    A power plant in New York is mining $ 50,000 Bitcoin daily

    Greenidge Generation – a power plant in Dresden, New York City, is currently mining around 50,000 USD of Bitcoin daily thanks to the electricity it generates.

    In the past few months, the 650,000-square-foot power plant has installed 7,000 Bitcoin miners and is currently mining around 5.5 BTC per day, according to Bloomberg. reporting on Thursday. Atlas Holding LLC – a private equity firm, is the operator of this facility.

    According to Greenidge, their mining equipment uses a “back meter” system, meaning that the energy can be used locally without having to pass through the meter. The company told Bloomberg that this use of energy helps reduce energy costs and is easier to predict.

    This plant only works during the summer and winter, because it is when energy demand is at its peak. However, the facility now operates throughout the year. This factory has a capacity of 106 megawatts, but currently only uses about 15 megawatts to mine Bitcoin.

    Although the block reward halving will take place in May, Greenidge's chief financial officer, Tim Rainey, told Bloomberg that the facility is well-prepared for the upcoming halving.

    “We are in a favorable market position regardless of how halving takes place,” he said. “Because our unique position is a cogeneration facility, we are able to make money in bearish markets so we are ready for an increase in price volatility.”

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    According to The Block
    Translated by ToiYeuBitcoin

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