The Greenidge Generation power plant has installed about 7,000 bitcoin mining machines over the last few months. It uses a “behind-the-meter” system, meaning that power can be used on-site without passing through the meter. A New York-based power plant, The Greenidge Generation plant, is producing around $50,000 worth of Bitcoin every day. According to a recent Bloomberg report, the power plant has installed about 7,000 bitcoin mining machines over the last few months and is presently mining about 5.5 bitcoins daily. The facility is operated by a private equity firm, Atlas Holding LLC. Greenidge noted that it uses a “behind-the-meter” system, meaning that power can be used on-site without passing through the meter. This way of utilizing power makes the energy cost lower and more predictable. Earlier, the power plant used to only be open in summer and winter since that’s when the demand for energy reaches its peak. Now, however, it operates throughout the year. It has a 106-megawatt capacity but is only using around 15 megawatts presently to mine Bitcoin. Greenidge chief financial officer Tim Rainey told Bloomberg that the power plant is prepared for the upcoming reduction in block rewards. We are in a favorable market position regardless of how the halving materializes. Due to our unique position as a co-generation facility, we are able to make money in down markets so that we’re available to catch the upside of volatile price swings. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Bitcoin Price Prediction: BTC/USD currently has healthy support at $8,945 as price continues to stay above the $9,000 zone -Confluence Detector FX Street 3 years The Greenidge Generation power plant has installed about 7,000 bitcoin mining machines over the last few months. It uses a "behind-the-meter" system, meaning that power can be used on-site without passing through the meter. A New York-based power plant, The Greenidge Generation plant, is producing around $50,000 worth of Bitcoin every day. According to a recent Bloomberg report, the power plant has installed about 7,000 bitcoin mining machines over the last few months and is presently mining about 5.5 bitcoins daily. The facility is operated by a private equity firm, Atlas Holding LLC. Greenidge noted that it uses a "behind-the-meter"… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.