An unknown buyer who has been using a hashpower contract, recently, <a href="https://greenidgellc.com/press-releases/greenidge-generation-announces-groundbreaking-sale-of-first-bitcoin-hashpower-contract-aimed-at-us-institutional-investors" target="_blank" rel="noopener">bought</a> 106 petahash computing power of a New York-based bitcoin mining power plant, Greenidge Generation.

In January 2020, BitOoda Digital introduced the contract to help institutional investors in buying large blocks of Bitcoin hashpower in over-the-counter markets.

The chief financial officer of Greenidge Generation, on April 10, 2020, while talking about the instrument, said, “The same kind of time-tested hedging capabilities seen in traditional commodity markets [...] bring[ing] the benefits of clean and energy-efficient bitcoin mining from Greenidge to institutional investors throughout the United States”.
<h2>Process Of Mining</h2>
According to a report, to lower the cost of mining, the Greenidge power plant uses a pipeline which directly transfers the natural to the plant to generate the power. The mining facility uses up to 100 megawatts of energy an hour.

The firm has claimed that its set-up is better than all other mining set-ups, as it would give investors a chance to earn profit in crypto and as well as in the energy market.

The new contract which was launched in January would allow the investors to buy Bitcoin at a cheaper price than the market. The transaction would be settled in the power plant generated Bitcoin.

The deal would help the Greenidge to expand its mining operation by providing it money.
<h2>Greenidge Owned By Atlas Holding</h2>
A report mentioned that a private equity Atlas Holding is the owner of Greenidge. It had established around 7,000 crypto mining machines at 65,000- the square-foot power plant of Greenidge in Dresden, New York.

In May 2020, Bitcoin halving event would happen, in which the rewards would be deducted by 50 percent. According to TradeBlock, at the time of halving, if there would be proper access to efficient mining equipment along with cheaper electricity then it would help Bitcoin to manage its earlier losses.

Bitcoin Hashpower Available For Institutional Investors By Greenidge Generation

An unknown buyer, recently, bought 106 petahash computing power of a New York-based bitcoin mining power plant, Greenidge Generation.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Bitcoin Hashpower Available For Institutional Investors By Greenidge Generation

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