A New York power plant is mining 5.5 bitcoins every day

• 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.