A New York Power Plant Is Mining $50K Worth of Bitcoin a Day
Greenidge Generation, a natural gas power plant near the town of Dresden in the Finger Lakes region, announced it had successfully installed a mining farm in its facility. Comprised of nearly 7,000 mining rigs and powered by electricity generated on-site, the facility can mine an average of 5.5 bitcoins (BTC) every day, roughly $50,000, according to CoinDesk’s Bitcoin Price Index. Greenidge uses its own ‘behind the meter’ power, the generated electricity it uses itself at the basic cost of production.
Kevin Zhang, director of Greenidge’s blockchain strategies, said in a statement the initiative would provide potential investors with unique exposure to both the cryptocurrency and energy markets. The server farm comes as part of an extensive $65 million renovation of the power plant, which includes transforming the plant from coal to natural gas as well as investing in the electrical infrastructure needed to power the mining rigs.