A power plant based in Finger Lakes, New York has started its own Bitcoin <a href="https://www.bnnbloomberg.ca/this-utility-heats-new-york-state-and-mines-its-own-bitcoin-1.1400582" target="_blank" rel="nofollow noopener">mining project </a>using the electricity it generates. The private-equity, Atlas Holding LLC, the firm behind the operation has already installed around 7,000 crypto mining machines at the Greenidge Generation plant. These machines can mine more than 5.5 Bitcoin per day, i.e. $50,000 worth of virtual currencies.

The 65,000 sq facility was built as a coal plat in 1973 in Dresden, New York which was then transformed into natural gas.

According to the private-equity firm, it is the machines that work on “behind the meter” power which makes the overall process extremely inexpensive. As the mining process takes intensive energy, miners have been trying to find low-cost electricity like those generated from hydropower plants.

You May Also Read: <a href="https://www.cryptoknowmics.com/crypto/bitcoin-mining-pools-see-huge-shuffle-in-prior-to-bitcoin-halving/" target="_blank" rel="noopener">Bitcoin Mining Pools See Huge Shuffle in Prior To Bitcoin Halving</a>.
<h2>Bitcoin Halving Won’t Affect Power Plant Owners</h2>
Greenidge said that many miners met with unwelcome surprises when these utilities robbed them in terms of prices, but their machines are anticipated and cost less that can easily be counterbalanced by the power-related services.

The power plant further stated that their server farm is only consuming around 15 megawatts from the 115 megawatts plant capacity. Previously, the plant only used to run during summer or winter, which was the time of peak energy demand but now it is running year-round.

While all the Bitcoin miners are going to be extensively impacted when the <a href="https://www.cryptoknowmics.com/crypto/bitcoin-halving/" target="_blank" rel="noopener">Bitcoin rewards </a>would be cut in half for miners by the halvening set for May, plant’s owners believe that it won’t affect them much.

Greenidge chief financial officer, Tim Rainey noted that they are going to stay in favourable market position irrespective of the fact how the halving grows. He further added that they are making money even during down markets due to their unique position as a co-generation facility.

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New York-based Power Plant Starts Its Own Bitcoin Mining

A power plant in New York’s Finger Lakes region has set up its own Bitcoin mining project, using the electricity it produces that can mine 5.5 BTC per day.

Javeria is into the crypto world ever since she heard about it and is pursuing her interest through cryptoknowmics. She is a sensational poet, technical writer and content strategist. Not to mention that she can go crazy when it comes to vampires and Wonder woman.

New York-based Power Plant Starts Its Own Bitcoin Mining

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