New York’s Power Plant Is Mining $50K Worth Of Bitcoin Daily

There is a power plant in Dresden, New York named Greenidge Generation plant which has been generating approx. $50,000 worth of bitcoin daily.

From the past few months, a power plant of 650,000-square has been installed with 7,000 bitcoin mining machines that mines around 5.5 bitcoins everyday. The company behind this facility is Atlas Holdings LLC.

The power plant mining machine uses a "behind-the-meter" system, which means the power can be utilized by on-site without passing through the meter. The firm states that the way in which power is used makes the energy cost lower and more predictable.

Previously, the plant was only operational during summer and winter because that’s the time when the demand for energy reaches its peak. Currently, the plant is open throughout the year. It has the capacity of 106-megawatt but for mining bitcoin, it is only using 15 megawatts.

Bitcoin block reward halving will take place in May but the chief financial officer of Greenidge, Tim Rainey, said that they are well-prepared for the upcoming reduction in block rewards.

He said, "We are in a favorable market position regardless of how the halving materializes. Due to our unique position as a co-generation facility, we are able to make money in down markets so that we’re available to catch the upside of volatile price swings."