New York Power Plants Mines $50,000 Bitcoin Daily


To enhance profitability turnover, New York power plant started as bitcoin mining. Bloomberg reported on 5 March, New York power plant set up at finger lakes region is engaged to mine about $50,000 of bitcoin per day with the help of actually produced electricity. 

7000 crypto mining machine at Greenidge generations 65,000 square foot power plant in Dresden New York is held by Atlas Holdings, the private equity company.

Money making operation 

Cryptocurrency mining is wholly and extremely reliable on the utilisation of energy, In order to maintain equivalency between power cost and production cost, it accommodates electricity with lowered price.

Atlas Holding mainly consumes 15 megawatts of 115 megawatts from the aggregate capacity of the power plant. In past, the operation of the Dresden power plant was in the lead when there was intense energy demand, but recently it operates on a daily basis.

 Suitable Breaking of the bitcoin block reward

The cryptocurrency community is risky aiming over the unprofitable approach to be suffered by many miners,  as block reward will break over within 2 months.

As per Dave Perrill, CEO of colocation service for crypto miners, Coin telegraph that profitability will be greatly challenged after the breaking take place.

The rate of profit earned by Atlas holding is quietly sufficient to build up a safety module after the breaking of the block reward.

According to Tim Rainey the chief financial officer of Greenidge that he anticipates that the profitability will remain constant after breaking of bitcoins.

“We are in a favourable market position regardless of how the halving materializes. Due to our unique position 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.” 

Also Read: What is Bitcoin Halving?