New York Power Plant Mining $50,000 in Bitcoin Every Day

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New York Power Plant Mining USD 50,000 Of Bitcoin Per Day

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  • A natural gas power plant has installed 7,000 mining rigs and is generating 5.5 Bitcoins per day

Greenidge Generation, which is a natural gas power plant near Dresden, New York has installed 7,000 mining rigs which generate 5.5 Bitcoins per day, worth approximately USD 50,000. Notably, the power plant’s Bitcoin mining operation is projected to be profitable even after the May block halving.

The reason this power plant is so profitable is that it gets electricity at the basic cost of production, which is far lower than the retail price charged for electricity. The mining farm uses 14 megawatts out of the total 106 megawatts that the power plant produces. Even though 14 megawatts is enough electricity to power 11,000 homes, there is still plenty of electricity left over to serve the rest of the grid.

Overall, Greenidge Generation may end up setting a trend with its Bitcoin mining business. Essentially, other power plants may follow, since power plants have a competitive advantage in the Bitcoin mining industry due to much lower electricity costs.

 

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