The New York Power Plant will produce $50,000 BTC per day
Today we will focus again on one of the biggest curiosities in the area of
Moreover, he already sees that it was a successful risk. According to the latest Bloomberg report (to date), their power plant in the Finger Lakes region of New York will produce approximately $ 50,000 bitcoins daily. Besides, they use the electricity they provide themselves. So their bitcoin mining profits are enormous.
Atlas Holding, the company owning the power plant, installed 7,000 cryptocurrency equipment. Moreover, the company itself declared its decision reasonable because they get electricity directly from their resources, making their operations extremely cheap.
Enormous profitability – Bitcoin mining profits
As we all know, the price of electricity is one of the most critical factors for cryptographic mining. That is why many mining companies gather at low-cost electricity sources. In this case, cost-effectiveness is even more pronounced. They do not obtain electricity for their mining at wholesale prices or other prices with a producer’s margin. They acquire it purely at the cost of its creation, which brings to the competition, hardly attainable prices and for them incredible Bitcoin mining profits.
According to Atlas Holding, they consume approximately a total of 15 megawatts during their whole production of 115 megawatts for their mining. This is not a completely classic giant power plant, and there is a reason for it. In the past, they had only operated the power plant when electricity demand was enormous. Thanks to gaining new income from cryptocurrency mining, they can currently run the power plant all year round.
What about halving?
In the cryptocurrency community, and especially in the mining community, halving is a very solved topic. And no wonder, simply bitcoin miners will take only about half (with the charging) for each block they are using. That is why many companies, and especially the smaller ones, are afraid that cryptographic mining will become unprofitable for them after halving. And they will have small bitcoin mining profits. Since we are going to halving in about two months, this is a very topical topic.
For example, Dave Perrill, CEO of Cryptocurrency Colocation Services, said in an interview with Cointelegraph that the profitability of cryptocurrency mining after halving would be a big test. All miners would accept the few most effective ones, which have bitcoin mining profits all-around good.
However, CFO Greenidge Generation, the company that operates the power plant for Atlas Holding, commented on the situation as follows:
“We are in a favorable position on the market, no matter how halving turns out. Thanks to our unique position as a co-generation complex, we can make money in a declining market so that we can catch volatile, rising price movements.”
For more understanding about the cryptocurrency mining, read this article: https://en.wikipedia.org/wiki/Cryptocurrency#Mining