New York Power Plant Mines $50,000 of BTC Each Day

By Kapil Gauhar

A New York power plant goes to BTC mining in a fruitful offer to increase profitability.

Bloomberg provided details today that a power plant in New York’s Finger Lakes locale presently mines about $50,000 of BTC every day utilizing the power it produces.

The private equity company that possesses the facility, Atlas Holding introduced 7,000 cryptocurrency minding machines at the Greenidge Generation’s 65,000 square feet power plant in Dresden, New York. The firm called attention to that since it produces the power devoured by the machines all alone, the mining activity is very low in cost.

A Very Gainful Activity

Digital currency mining is incredibly vitality serious. Mining facilities will in general concentrate where power costs are the most reduced. Right now, power cost is comparable to production costs.

Atlas Holding’s mining activity expends around 15 megawatts of the 155 megawatts of the force plant’s absolute limit. Previously, the Dresden power plant used to work just when there was higher-than-normal energy demand during summer and winter, however, now it works the entire year.

Bitcoin’s Block Reward Halving is “Good”

The digital currency network is anxious about the possibility that Bitcoin mining will get unprofitable for most miners after the block reward will be sliced down the middle in about minimal more than two months. The CEO of colocation administration for cryptocurrency miners, Dave Perrill, disclosed in an interview that the productivity of everything except the most proficient mining activities will be greatly tested after the halving happens.

In any case, the productivity of Atlas Holding’s mining activity is sufficiently high to be protected after the block reward. Tim Rainey, the CFO of Greenidge, said that he expects the activity will remain beneficial after BTC’s halving –

“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.”