Greenidge Generation – a New York based power plant located in the Finger Lakes group, generates bitcoins worth about $ 50,000 per day (more than 5 BTC) using surplus electricity.
Power plant with an area of 65,000 sq.m. It is actually maintained by Atlas-Holding LLC, a professional investment firm that added 7,000 units on it. As the owners of the power plant specified, mining of bitcoins 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, the power of the power plant was used only during increased demand for electricity in the summer and winter, but now the installation works all year round. While numerous miners worry that it’ll not be rewarding to mine BTC soon after halving the prize in 2 calendar months, Atlas Holding administration is assured that it’ll get its advantages here.
“Our company will maintain a favorable position in the market regardless of the halving of the award to miners. We will be able to make a profit even if the market dips and compensate for losses due to possible price fluctuations” – said Tim Rainey, CFO of Greenidge.
In October last year, the US Federal Energy Regulatory Commission approved a project to transform a Montana state-owned power plant over 110 years old into a cryptocurrency mining center.