Greenidge Generation, located in Dresden, New York, has the successful installation of its mining farm, consisting of 7,000 mining platforms that can extract an average of 5.5 bitcoins (BTC) per day, which according to the CoinDesk Bitcoin Price Index , it would be approximately $ 50,000.
The vision of its owners created the ideal conditions for a natural gas plant to change its passive state of producing energy during the peak hours of the summer and winter months, to do it all year round, as, as it was easy to invest in a mining farm in its facilities.
Bitcoin Mining Investment
Greenidge Generation began in 1937 as a coal-fired power station, commissioned by the New York State Electricity and Gas Corporation (NYSEG).
But in
2014, Atlas Holdings, LLC bought the plant, with specific objectives of
sustainable returns on long-term invested capital.
By combining capital, industrial and transactional experience to grow businesses, Greenidge Generation began the long process of converting its method of generating coal energy to natural gas.
This does not
it only required new equipment and experience, but it also needed a
series of approvals and permits from state and federal governments.
Finally, in May 2017, the Greenidge Generation transformed plant was legally active, with the capacity to produce between 30 and 106 megawatts (MW).
The currently installed mining farm consumes 14 MW of the 106 MW of Greenidge Generation capacity, therefore it has sufficient power supply to the State of New York.
Greenidge Generation chief executive Dale Irwin said the mining operation would complement the “unique commitment of the power plant to environmental management.”
Also Greenidge Chief Financial Officer Tim Rainey told Bloomberg:
“We are in a favorable market position regardless of how halving materializes. Because of our unique position as a cogeneration facility, we can earn money in downstream markets to be available to capture the advantage of volatile price fluctuations. ”
