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$65M Investment Fuels Natural Gas Provider’s ‘Behind-the-Meter’ Bitcoin Mining Operation

On Thursday, a natural gas-based power plant in Dresden, New York, Greenidge Generation LLC, revealed the energy provider has the capacity to mine around $50,000 worth of bitcoins (5.5 BTC) every day. The 65,000 square-foot natural gas utility plant was upgraded when the firm installed 7,000 bitcoin miners that leverage some of the cheapest natural gas prices in the U.S. Moreover, Greenidge hopes to increase the capacity from its current 14MW to 106MW in the future.

Mining Crypto With Natural Gas: A New York-Based Energy Provider Pioneers a New Business Model

A natural gas provider located in New York’s Finger Lakes region is leveraging its native energy source to mine bitcoins. Greenidge Generation has developed a “behind-the-meter cryptocurrency mining operation” which makes the operation ideal for mining digital currencies.

The 65,000 square-foot facility currently houses 7,000 bitcoin miners which capture around 14MW of power. The plant has room to increase the capacity to over 106MW and Greenidge says they are open to international investors for either hosting or equity partnerships.

In addition to the current capacity, Greenidge utilized industry partners and workers from surrounding New York counties in order to complete the mining operation in “less than four months.” The power plant is also partnered with Atlas Holdings, a private equity operation that is overseeing the power plant’s mining process.

Atlas’s partnership with Greenidge represents a $65 million investment into the facility and it wasn’t just the installation of 7,000 machines; funds were spent on the power plant’s conversion costs and infrastructure changes as well. When the plant was a coal mine, Atlas used considerable efforts to convert the site into a natural gas and biomass facility and now the operation solely uses natural gas. Read More...