A power plant in Florida has turned to bitcoin mining as a way to diversify and become profitable.
Cyptocurrency mining is nothing new, but the Finger Lakes power plant has taken it to a whole new level. Private equity company Atlas Holding has recently installed seven thousand mining machines inside its 65,000 sq. ft. location in Dresden.
One of the greatest challenges in mining bitcoin and other crypto coins is that the act consumes a lot of energy. The firm states that they are free of this dilemma since they use the energy the plant produces every day.
Just how much are they making? Bloomberg has estimated that Greenidge Generation is mining around $50k worth of bitcoins per day. The company explains that the mining operation consumes about 15 megawatts of the total 115 megawatt potential capacity.
It’s worthy to note that before, the Dresden-based power plant only runs during winter and summer where there’s greater energy demand, but now it runs all year long.
The power plant is akin to cloud mining services such as Hashmine.io in terms of input and production, and currently the process is favorable and profitable for the company as well.
Bitcoin halving is expected to show up soon, but Atlas Holding isn’t worried. When this happens, the value of bitcoin and other cryptocurrencies will dip and become unprofitable, and all but the most stable of platforms may survive.
Tim Rainey, Greenidge’s CFO states that the company and power plant will continue to mine bitcoin even after the halving has occurred. Furthermore, the CFO mentioned that they are in a ‘unique’ position which allows them to make money even down markets.
Mining operations, particularly cloud services are aware of the bitcoin halving phenomenon and are prepared for its eventual coming. The general opinion is that halving is inevitable but the effect can be softened with the proper measures.