Today 87% of the maximum possible number of bitcoins has been produced (bitcoins cannot be generated infinitely, their maximum number is limited by mathematical function and profitability of their mining is catastrophically low. In fact, the only reliable way to earn money on creating crypt currency is to eliminate intermediaries and their commissions, the main among which is the supplier of electricity for the mining farm. In this connection, the Greenidge Generation power plant in New York State is luckier than anyone else – it uses almost free energy from its own production.
Not so long ago, the power plant has made a large-scale modernization with a budget of $65 million – including the purchase of 7 thousand devices for mining. Their total energy consumption reaches 15 Megawatts, but the plant produces much more – about 106 Megawatts. The management of Greenidge Generation decided that it can give up part of the profit and not sell electricity to consumers, but use it for mining. The losses, if it is possible to say, are insignificant – the energy for the mining farm is supplied at the cost of its generation, without any surcharges.
There are no costs even for its delivery, because the mining farm is located on the territory of the plant. When working at full capacity the system generates 5.5 bitcoins per day, which at the current rate is equivalent to $ 50 thousand per day. Therefore, it is not surprising that even with the upcoming reduction of the premium for bitcoin generation by half, representatives of the power plant consider their new business very profitable.