A power plant in upstate New York known as Greenidge Generation says it’s mining up to $50,000 in new bitcoins each day.
Greenidge Has the Power
The average number of new coins extracted through the plant – which has been using its own energy reserves to get the job done – has been 5.5. Greenidge Generation says it’s looking to potentially put the U.S. on the map as a serious crypto competitor to China, which at the time of writing, controls much of the world’s bitcoin mining power.
The company now boasts one of the largest mining facilities in all the U.S. The facility consists of approximately 7,000 mining rigs and is powered by onsite energy. As the costs of electricity are already low in the area, the company has stated that it’s able to take advantage of present conditions and mine crypto at a relatively low rate.
Chief financial officer Tim Rainey explained:
Due to our unique positions 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.
Greenidge has been around since the late 1930s, but it was eventually deemed too expensive to run in 2011 given that it was largely centered around coal and fossil fuel production. By 2014, the plant decided to switch to natural gas, though this conversion initially took about three years to complete. Finally, in late 2017, the plant was back online again, and has been on something of a roll ever since.
Greenidge is not the only company looking to heighten the U.S.’s crypto mining power. Another enterprise known as Layer1 recently opened its doors for business in West Texas. The company has stated that it’s looking to specifically counteract the maneuvers of China and place North America in a leading position in the digital mining race.
At press time, Layer1 boasts several 2.5-megawatt containers and extracts new coins daily. In also says that it would like to increase the bitcoin hash rate to 30 percent by the year 2021. An ambitious goal, to say the least.
Keeping the U.S. in Control
At the time of its opening, Layer1 CEO Alexander Liegl stated:
We are already delivering on our vision of making Layer1 the world leader in vertically integrated, sustainable bitcoin mining. Our factory in West Texas is a game changer in bitcoin mining. The facility uses custom ASIC chips and patent-pending liquid cooling technology that enables us to unlock warmer climates.
The efforts of companies like Layer1 and Greenidge seem to be working. It was reported recently that China is allegedly losing several bitcoin and crypto miners, many of which have been relocating to North American regions given that they offer more space and cheaper electricity to run their operations.