A New York power plant turns to Bitcoin mining in a successful bid to increase profitability.
Bloomberg reported on Mar. 5 that a power plant in New York’s Finger Lakes region now mines about $50,000 of Bitcoin (BTC) each day using the electricity it produces.
Atlas Holding, the private equity company that owns the facility, installed 7,000 crypto mining machines at the Greenidge Generation’s 65,000-square-foot power plant in Dresden, New York. The firm pointed out that since it produces the power consumed by the machines on its own, the mining operation is extremely low cost.
An extremely profitable operation
Cryptocurrency mining is extremely energy-intensive. Mining facilities tend to concentrate where electricity prices are the lowest. In this case, the power cost is equivalent to production costs. Read More...