There is a whole power plant utilized for Bitcoin mining in New York

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

A power plant in New York’s Finger Lakes region has set up its own Bitcoin mining operation, using the electricity it produces to generate about $50 000 worth of the virtual currency every day.

The Greenidge Generation power plant, located in New York State, produces about $50 000 in bitcoins every day.

About 7 000 ASICs have been installed at the power plant in the past few months, producing about 5.5 bitcoins each day. The project is operated by Atlas Holding, a private investment company.

According to Geenidge, the electricity needed to keep the miners running does not pass through electricity meters. In this way, the employees are able to reduce the cost of the operation as well as increase its stability.

Tim Rainey, Greenidge’s chief financial officer:

“Due to our unique position as a cogeneration facility, we are able to make money in down markets so that we’re available to catch the upside of volatile price swings”.

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