Greenidge Generation Power Plant Becomes Next U.S. Big Mining Farm
Greenidge Generation power plant in upstate New York says it’s mining up to $50,000 worth of Bitcoin every day.
Although it’s only a small percentage of the overall newly minted Bitcoin currently valued at around $16m, it’s yet another mining farm to be announced in the U.S.
The plant, which uses its own energy reserves to mine the Bitcoin, is averaging 5.5 of the 1800 newly minted BTC daily. And a spokesman for the company is saying that they’re hoping to prize away much of the hashrate from China and put the U.S. on the map as serious mining competitor to the Chinese mining plants.
Greenidge has approximately 7,000 mining rigs and is powered by onsite energy. It is already one of the largest mining facilities in the country, and because of the low electricity costs in the area, it is intending to take advantage of the burgeoning industry and profit from Bitcoin’s price volatility.
‘Due to our unique positions as a co-generation facility, we are able to make money in down markets so that we’re available to catch the upside of volatile price swings,’ said Greenidge CFO Tim Rainey. Read More...