‘Middleman’ makes a difference: New York power plant digs through cryptocurrencies for $50,000

New York State has a unique cryptocurrency mining facility that consumes about 15 megawatts of the 106 megawatts of electricity produced by the plant. Even after May suffered a cut in half (the mining reward was reduced to 6.25 BTC), the New York plant’s mining strategy proved to be quite successful. A reliable way to ensure commercial profits is not to let “middlemen” earn the difference. Usually, the power company is the middleman.

'Middleman' makes a difference: New York power plant digs through cryptocurrencies for $50,000

Greenidge cryptocurrency mining facility

Once the well-funded, and has a unique advantage of electricity prices in the field of cryptocurrency mining, its impact on the industry is absolutely not to be underestimated.

Nearly 7,000 cryptocurrency mining facilities are known to have been installed at the Greenedge Generation plant near Dresden, New York.

As part of a massive $65 million renovation, the mine produces approximately 5.5 bitcoins per day. Based on the current exchange rate, it is equivalent to earning more than $50,000 per day.

“No matter how half the BTC is, it is still in a strong position to market,” Tim Rainey, Greenedge’s chief financial officer, told Bloomberg.

As a competitor in the COI industry, they can benefit from market downturns or currency fluctuations.

It is not known whether the plant will choose to “cover up for sale” or sell it regularly in return for some of its investments.