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This New York Power Plant Uses Its Excess Energy To Mine Bitcoin Up To $45,000 A Day
More job and more importantly, more revenue.
Greenidge Generation, a power plant in Dresden, New York has been using its excess energy to mine for the cryptocurrency Bitcoin. Natural gas power plants such as this one often vent away excess energy as they are not always able to be brought to the grid.
The power plant has been using “behind-the-meter” to mine BTC with over 7,000 mining systems. They make about 5.5BTC per day which is currently worth about $44,000 dollars.
Greenidge Generation works with Atlas Holdings and considers this a win-win situation for both them and the community. By churning out BTC with the excess energy, they provide more jobs and revenue at the same time. This suits well because mining requires a lot of energy and this power plant has enough of it.
While this sounds like a great opportunity, companies that work with renewable energy will do better to store the energy. Bitcoin mining is also an alluring business that won’t last long. Mining has gotten very hard and in years to come situation won’t be the same. But for now, this sounds like a good plan for the most natural gas plant where excess energy cannot be stored.
