Around 7000 thousand Bitcoin miners have been installed at the Greenidge Generation power production plant and are using electricity directly at the source, according to Bloomberg. The current production rate of the installation is about 5.5 BTC per day, earning the company a neat $50,000 on top of electricity earnings. The miners use 15MW out of 106MW produced by the facility.
However, this means that the power plant will now operate year-round, instead of only during times of peak energy demand. It will increase the costs of operating the facility, but that cost increase should be counteracted by the BTC earnings.
Halving? No Problem
There are no concerns regarding the BTC halvening and in fact, with this strategy, the company will be able to leverage this period before the halvening happens. Whether they hold or not will depend on the private-equity company that owns the power plant, Atlas Holding LLC.
The company’s executives are confident in their investment, saying that their electricity production capabilities will be able to keep their mining operations profitable, regardless of volatility. According to them, they are in the best possible position to capitalize on BTC mining.
Written by: Zoran Spirkovski
hashPoWah writer and editor