December 11, 2023

New York State Greenidge Generation Produces 5 BTC Per Day

New York power plant Greenidge Generation, located in the Finger Lakes region, mines Bitcoin atan amount of about $ 50,000 per day (more than 5 BTC) using excess electricity.

Power plant with an area of ​​65,000 sq.m. It is managed by Atlas Holding LLC, a private investment company that installed 7,000 devices on it. As the owners of the power plant specified, mining of bitcoin takes unused energy, which can significantly reduce costs. The Atlas Holding farm consumes no more than 15 megawatts of 115 megawatts of total plant capacity.

Previously, power plants were usedonly during high demand for electricity in the summer and winter, now the installation is working all year round. Although many miners fear that it will not be profitable to mine bitcoin after halving the award in two months, Atlas Holding management is confident that it will find its advantages here.

“Our company will maintain a favorable position inmarket regardless of the halving of the reward to miners. We will be able to make a profit even when the market declines and compensate for losses during possible price fluctuations,” — said Greenidge CFO Tim Rainey.

Last October, the US Federal Energy Regulatory Commission approved a project to transform a more than 110-year-old power plant in Montana into a cryptocurrency mining center.