New York based Power Plant Mining $50,000 worth of BTC per Day

A New York Based power plan, Greenidge Generation, generates around $50,000 worth of Bitcoin with its crypto mining operations, reports Bloomberg.

The Greenidge Generation, a New York-based power plant, has set up its own crypto mining operation, generating $50,000 worth Bitcoin every day.

Previously, Dresden, New York-based power plant was generating electricity using coal. The plant has moved to natural gas-based operation later.

The privately-run power plant is utilizing 16 megawatts of energy for Bitcoin mining.

Executive Opinion

The Bloomberg report quoted chief financial officer at Greenidge, Tim Rainey, who said, "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."

Power plant's Mining operations

The mining operation consumes 15 megawatts power of 106 megawatts of power capacity, according to the report.

Atlas Holding LLC who runs Greenidge Generation plant's mining operation has deployed 7000 crypto mining machines. The plant can mine around 5.5 Bitcoins per day. The mining operations achieve lower cost of Bitcoin mining by running crypto mining machines “behind-the-meter” power, Atlas Holding noted to Bloomberg.

In May, Bitcoin halving will affect Bitcoin mining operations around the world. The Bitcoin halving event will reduce the mining reward from the current 12.5 Bitcoin per block approval to 6.25 Bitcoin. However, the plant still believes they will be still in profits.