New York Power Plant Mines $50,000 Of Bitcoin A Day

By | March 22, 2020
New York Power Plant Mines $50,000 Of Bitcoin A Day

To date, 87% of the maximum possible number of bitcoins has been mined (bitcoins cannot be generated indefinitely, their maximum number is limited by a mathematical function – Ed. TechCult.ru) and the profitability of their mining is catastrophically low. In fact, the only reliable way to earn money on creating a cryptocurrency is to get rid of intermediaries and their commissions, the main among which is the electricity supplier for the mining farm. In this regard, the Greenidge Generation power plant in New York was lucky like no other – it uses almost free energy of its own generation.

Not so long ago, the power plant underwent a massive modernization, the budget of which amounted to $ 65 million – a place was found in it for the purchase of 7 thousand devices for mining. Their total energy consumption reaches 15 MW, but the station produces much more – about 106 MW. The management of Greenidge Generation decided that it could give up part of the profit and not sell electricity to consumers, but let it be mined. Losses, so to speak, are negligible – energy is supplied to the mining farm at the cost of its generation, without any extra charges.

There is no cost even for its delivery since the mining farm is located on the territory of the station. When operating at full capacity, the system generates 5.5 bitcoins per day, which at the current rate is equivalent to $ 50 thousand per day. Therefore, it is not surprising that even with the forthcoming reduction in the premium for bitcoin generation by half, representatives of the power plant consider their new business very profitable.

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