NY power plant cuts out the middleman by mining its own Bitcoin, at a rate of $50K per day

[Shawn Knight]

The big picture: A unique mining operation in New York State consumes around 15 megawatts of the 106 megawatts the power plant produces. Even once the bitcoin halving takes place in May, cutting the block mining reward down to just 6.25 BTC, the undertaking should still be a success.

A surefire way to ratchet up profit in the business world is to cut out the middleman, the intermediary between two parties that inevitably ends up with a slice of the pie for their contribution. In cryptocurrency mining, that middleman is often the utility company that supplies the electricity to power mining rigs.

To skirt this expense, one power plant in New York State has set up its own large-scale mining operation that utilizes electricity produced by the facility at cost.

One of the large mining cubes at Greenidge.

The Greenidge Generation plant near Dresden, New York, has installed nearly 7,000 mining machines as part of an extensive $65 million renovation. The farm can collectively generate around 5.5 bitcoins per day. Given current values, that equates to more than $50,000 in crypto per day.

Greenidge CFO Tim Rainey told Bloomberg that they 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,” he added.

It’s unclear if the plant will hold on to its crypto haul or convert it to fiat at regular intervals to help recoup some of the investment.

Masthead credit: Bitcoin by Julia Tsokur

Permalink to story.

https://www.techspot.com/news/84283-power-plant-cuts-out-middleman-mining-own-bitcoins.html

 

[toooooot]

Noice.

 

[Karlos95]

In about 1 year everyone is going to wish they could have 1 BTC.

 

[QuantumPhysics]

In about 1 year everyone is going to wish they could have 1 BTC.

Ummmm yeah - I remember how everyone expected Bitcoin, Ethereum, Litecoin, Ripple and Tron to be $100,000 by now.

The IMS/ FED will never allow Bitcoin to grow large enough to challenge the Dollar. Nor will China allow it to challenge the Yuan.

 

[Karlos95]

Ummmm yeah - I remember how everyone expected Bitcoin, Ethereum, Litecoin, Ripple and Tron to be $100,000 by now.

The IMS/ FED will never allow Bitcoin to grow large enough to challenge the Dollar. Nor will China allow it to challenge the Yuan.

You and everyone else thinking it was going to 100k before the end of this year obviously don't do their research and don't look at the MATH involved in the coin.

FED can't do **** about it going to any price as they can't control it. Hence why it dominates your outdated fiat currency.

Go look at the history and charts and understand that if you don't have one, you will be left behind.

Oh and to recap. No one thinks any of those coins (besides bitcoin) will EVER reach 100k. They have too many coins in circulation. Again, try and research the MATH behind the coin. Maybe you'll learn something instead of sitting on the band wagon that it won't go anywhere. LOL!

 

[Freddie159]

Ummmm yeah - I remember how everyone expected Bitcoin, Ethereum, Litecoin, Ripple and Tron to be $100,000 by now.

The IMS/ FED will never allow Bitcoin to grow large enough to challenge the Dollar. Nor will China allow it to challenge the Yuan.

China and North Korea are stealing as many Bitcoins as they can because it's free money for them. Some reports even put them as a major player in the "ransomware" attacks going on around the World.

 

[Karlos95]

China and North Korea are stealing as many Bitcoins as they can because it's free money for them. Some reports even put them as a major player in the "ransomware" attacks going on around the World.

Do you know who's fault it is if you have your BTC stolen? The only way they can be stolen is poor management of your wallet or you leave them on an exchange. Any other way is impossible. Hence why it is better than FIAT. Who want's a gov or bank controlling their financial's and privacy. Unbelievable.

Just like everything (banks, money transfers, products, casinos, special offers, IT help over the phone, charity) if there is money to be made, someone will exploit it.

 

[bviktor]

Ummmm yeah - I remember how everyone expected Bitcoin, Ethereum, Litecoin, Ripple and Tron to be $100,000 by now.

The IMS/ FED will never allow Bitcoin to grow large enough to challenge the Dollar. Nor will China allow it to challenge the Yuan.

There were 2 halvings so far, BTC price jumped to 10x each time. Facts.

 

[Porkous]

There were 2 halvings so far, BTC price jumped to 10x each time. Facts.

And you honestly think this is proper behavior? This speaks volume about the mentality of the average user.
It pumps because is on thin air and inflated. The moment it drops, is pushed back up to different heights.
You can speak freely here, as we are unbiased about the asset, but so far no one provided a good argument or proper facts, yet reliable information, but rather beating the "how awesome my awesome coin is" drum.

For a matter of fact, what these fanboys don't tell, is that they don't believe themselves what they speak and parrot about. The only truth here is that they're emotionally invested and truthfully biased but don't know why.

Drop your argument if you dare, about what I already know.

It is worth mining if you basically have stockpiles of free energy and no battery to put it into

 

[bviktor]

And you honestly think this is proper behavior? This speaks volume about the mentality of the average user.
It pumps because is on thin air and inflated. The moment it drops, is pushed back up to different heights.
You can speak freely here, as we are unbiased about the asset, but so far no one provided a good argument or facts and reliable information, rather than beating the "how awesome my awesome" coin is. For a matter of fact, what these fanboys don't tell, is that they don't believe what they speak and parrot. The only truth here is that you're emotionally invested and truthfully biased. Yeah, parrot me about math, again please.

Dude, you have problems.

Will Bitcoin skyrocket after the 2020 Halving like in 2016? | HackerNoon

On May 20th 2020, the third Bitcoin halving will occur. 50% less Bitcoins will be generated every 10 minutes and this could change the value of Bitcoin. Forever.

hackernoon.com

"The first halving occurred on November 28th 2012 when one BTC was worth around $11. A year later, bitcoins price surged to a mouth watering $1,100 in 2013, a price never before seen with Bitcoin. Bitcoins price eventually fell to around $220 and it remained below $1,000 for the next few years. Even at its bottom Bitcoin was still up 20x from it’s price before the halving. The second halving took place in July 2016. Bitcoin maintained a price of around $600–$700 before flying to $20,000 in the great bullrun of 2017."

The current price of BTC is $9000+, which is still more than 10 times the price before the 2nd halving.

These are past, empirical facts. You can extrapolate and speculate, and that's about it. Like with any other investment. I said nothing about the "properness" of BTC's price, or my "emotions", or any of the other cr@p you threw together here. You might as well realize it's you being the emotional one here lol. I don't even understand what you're actually trying to say, other than implying I'm an emotional fanboy or something.

 

[Porkous]

Dude, you have problems.

Will Bitcoin skyrocket after the 2020 Halving like in 2016? | HackerNoon

On May 20th 2020, the third Bitcoin halving will occur. 50% less Bitcoins will be generated every 10 minutes and this could change the value of Bitcoin. Forever.

hackernoon.com

Look your own facts and see where you tripped. The price did not increase because of the halving, it increased because of the mass media, the halving happened much earlier. The price spiked in December, 2017, not in 2016.
The price was already on the rise because of something else, something that might have not been contested due the nature of having a small scale. But now, the stakes are higher since it takes so much away from the market when the miners sell. What can I reckon is that the miners where at the center of the rise, since they were always taking profit for putting in less. https://ihodl.com/media/attachments/d/c7/137e64c7d__1500x0__q85.webp

Bitcoin Halving Can Have Negative Short-Term Effect on BTC Price — Here’s Why

A theory has emerged that miners tend to sell before the halving to accumulate enough Bitcoin to finance their operations

cointelegraph.com

There will be 328,500 bitcoin mined. That is millions of dollars at the expense of the network which does nothing. Is all betting at this point.

 

[Karlos95]

And you honestly think this is proper behavior? This speaks volume about the mentality of the average user.
It pumps because is on thin air and inflated. The moment it drops, is pushed back up to different heights.
You can speak freely here, as we are unbiased about the asset, but so far no one provided a good argument or proper facts, yet reliable information, but rather beating the "how awesome my awesome coin is" drum.

For a matter of fact, what these fanboys don't tell, is that they don't believe themselves what they speak and parrot about. The only truth here is that they're emotionally invested and truthfully biased but don't know why.

Drop your argument if you dare, about what I already know.

It is worth mining if you basically have stockpiles of free energy and no battery to put it into

Again, just have to look at the math, the miners, and what you are hedging against.

Gold and Bitcoin are almost the same when it comes to hedging against the dollar. DO you know why, because people are sick of the govs. Guess what, any sane person that has done their research will tell you bitcoin is going to 100k in 12 months, because that is the cycle. Not pumps. Pumps would mean they dumb under the last ATH but when has it ever done that? never. From $200 to $20,000 then down to $3500. Now back up to $8500 and guess what, once it goes to $100k it'll stop back at $25k and won't go under that ever again.

You can argue about your opinion all you want but when it finally reaches 100k you'll be the one looking the fool.

Oh by the way, you have been drip fed your whole life by the Gov. NO MARKET IS NORMAL, they all get manipulated in some form or way. "And you think this is proper behavior?" Just have to look at penny stocks. they do the same. Go up 10x, some stay up, some come down. The fact that this is world wide and for the individual to have some form of freedom away from banks and Gov doesn't take a genius to see where it will be in the end.

 

[treetops]

Always thought it would be a good idea to invest in land near a river, with the help of a watermill and make a small bit coin mining operation.

 

[Karlos95]

Always thought it would be a good idea to invest in land near a river, with the help of a watermill and make a small bit coin mining operation.

I like your thinking! Solar can work too however it would only be efficient to run through the day for obvious reasons.

Apparently they are making anti-solar cells so maybe one day we can run it through the night also.

 

[Sir Sparkles]

Bitcoin is good for buying drugs if you buy it with cash, but not very good. No other tangible benefit.

Resource wasteful, expensive, slow, unstable, traceable, taxable... I'm not spotting the advantage.

 

[Karlos95]

Bitcoin is good for buying drugs if you buy it with cash, but not very good. No other tangible benefit.

Resource wasteful, expensive, slow, unstable, traceable, taxable... I'm not spotting the advantage.

Government can't shut it down. Banks can't close your account. People pay each other with no middle man getting in the way of the transaction.
Less expensive than fiat currency since little to no transaction fee that banks and other money transfer services give. You say slow except bank transfers take on average 2 days, BTC transfer on average take 10 mins, heaps slow. OH AND NO INFLATION. That hour you worked is worth less every year. Seems like a great system if you die young.

Tell me again how there is no advantage.

 

[Sir Sparkles]

Since when do banks close accounts for normal people?
Banks have stopped charging transaction fees on all but credit cards.
With Bitcoin 10 minutes for the first confirmation, at least 20 for 4 which ensures the transfer, and even up to an hour... depending on the network status. Cash, direct deposit and EFTPOS are instant. This is how businesses work. This is how people sell things. Bank transfers are how large sums move and there's good reason for the delays.
Inflation? Inflation is because of economy not currency.
You don't appear to have much knowledge of the things you speak.

 

[Markoni35]

Someone call Greta to shoot them. They are contributing to global warming for a little bit of profit.

 

[Karlos95]

Since when do banks close accounts for normal people?
Banks have stopped charging transaction fees on all but credit cards.
With Bitcoin 10 minutes for the first confirmation, at least 20 for 4 which ensures the transfer, and even up to an hour... depending on the network status. Cash, direct deposit and EFTPOS are instant. This is how businesses work. This is how people sell things. Bank transfers are how large sums move and there's good reason for the delays.
Inflation? Inflation is because of economy not currency.
You don't appear to have much knowledge of the things you speak.

If you do not agree with your gov or your bank they will shut you down. That is not freedom.
Nah, they are just going to start implementing negative interest rates on your savings. GOOD LUCK WITH THAT.
Cash you have to be next to them and same currency otherwise, another fee to turn it into the right currency. direct deposits are only instant if it is the same bank,so 2 days for them to handshake each other. EFTPOS again you have to be next to it.

Yes large sums that costs a lot in bank transfer fess. A bloke transfered a $billion worth of bitcoin cost him a few hundred, costs a lot more than that with the banks.You are delusional if you think otherwise.

"economy" is in terrible shape because of people like you thinking this is a normal way to run things, you believe the lies of the pollies and bankers and continue to pay them like it is a natural thing and you will be kept safe. Brainwashed at best, mental no doubt.

 

[treetops]

I like your thinking! Solar can work too however it would only be efficient to run through the day for obvious reasons.

Apparently they are making anti-solar cells so maybe one day we can run it through the night also.

The river can also keep your machines cool. Just put a really big fanless radiator in the water. Some old car radiators would do nicely.

 

[treetops]

Government can't shut it down. Banks can't close your account. People pay each other with no middle man getting in the way of the transaction.
Less expensive than fiat currency since little to no transaction fee that banks and other money transfer services give. You say slow except bank transfers take on average 2 days, BTC transfer on average take 10 mins, heaps slow. OH AND NO INFLATION. That hour you worked is worth less every year. Seems like a great system if you die young.

Tell me again how there is no advantage.

Yeah man I always thought it was fed up how the government forced everyone to trade in their gold for paper. Then stopped backing that paper with gold. And to last bit of the skim, the value of our paper declines every year.

 

[Sir Sparkles]

Negative interest rates Karlos95? Charge you a % for having money in the bank? Are you deluded? We all know what everyone will do then, so do the banks. What would you do? They'll never do it because it leads to imminent collapse.

I didn't say our current system is normal, I just said Bitcoin isn't fit for purpose. You assumed the rest. In fact your statements are full of many assumptions and other idiocies. I've never heard of banks and governments shutting people down for having opposing opinions, not outside of places like N. Korea and Saudi Arabia anyway.

I never transferred a billion dollars before. But I have transferred $400k and it cost nothing, just 2 days to transfer. No reason to assume a billion would induce a fee. Banks like to have money, just by having your money they make money. They don't need to charge you to do that, especially if there is a lot of it.

How do I influence the economy? By going to work and buying stuff? You better opt out hey, move to the woods while you still can, before they come for you and shut you down. Paranoid much? lol

I know how corrupt the fiscal system is. I know how it was created and the inherent weaknesses and strengths. I'm not delusional about BTC though. It's a piss poor currency by any measure and it's cons outweigh any pros many times. There are much better cryptos available but the waters are muddied so much by so many options. It will be interesting to see how it plays out though. I've got favourites for the race, but we'll see.

 

[Sir Sparkles]

It was a criminal act the theft of the gold treetops. People are too busy fighting over their rights and stuff a lot of the time to realise how hard they've been duped.

 

[Karlos95]

Negative interest rates Karlos95? Charge you a % for having money in the bank? Are you deluded? We all know what everyone will do then, so do the banks. What would you do? They'll never do it because it leads to imminent collapse.

I didn't say our current system is normal, I just said Bitcoin isn't fit for purpose. You assumed the rest. In fact your statements are full of many assumptions and other idiocies. I've never heard of banks and governments shutting people down for having opposing opinions, not outside of places like N. Korea and Saudi Arabia anyway.

I never transferred a billion dollars before. But I have transferred $400k and it cost nothing, just 2 days to transfer. No reason to assume a billion would induce a fee. Banks like to have money, just by having your money they make money. They don't need to charge you to do that, especially if there is a lot of it.

How do I influence the economy? By going to work and buying stuff? You better opt out hey, move to the woods while you still can, before they come for you and shut you down. Paranoid much? lol

I know how corrupt the fiscal system is. I know how it was created and the inherent weaknesses and strengths. I'm not delusional about BTC though. It's a piss poor currency by any measure and it's cons outweigh any pros many times. There are much better cryptos available but the waters are muddied so much by so many options. It will be interesting to see how it plays out though. I've got favourites for the race, but we'll see.

That is why there is cash bans for purchases all over the world. Australia is about to introduce 10k cash ban. It has little clauses in them for when it passes they can go in and change that to $2k and it says banks are exempt so you can still take money out, guess what happens when they want to introduce NIR, they change that too so it will be illegal to take out more than 2k from your account. To continue to trust your gov is to continue to let your freedoms go.

Happens all the time here. Have a business that may be linked to bikies even though they probably have never even met one but because a lot of bikies here use tattoo parlors to launder money they paint all the parlors with the same brush so pretty much all parlors have to operate in cash because banks won't take their business.

2 days to transfer? That is slow. And I also don't want the banks or gov knowing I am transferring MY money. They get to know when I purchase something but not when I move it. It is a privacy right.

Yes, and it works the same without gov involvement. Go have a look at how many taxes there were 200 years ago and then 100 years ago and now today. That number has increased dramatically and for what? Government gain only. Citizens haven't gained much for all the taxes they pay. And people will be brainwashed and bend over backwards for them. LOL.

Well it has more pro's than a lot more cryptos. Very few cryptos beat it. Too many with too many coins in circulation. Not too mention, the only coin that has been around over 10 years, so there is a trust element to it. Other cryptos seem to come and go, kind of like scams. THat is why Bitcoin rules right now. I have no doubt there will be something better,but they have a long way to go. But to say bitcoin isn't better than the dollar makes you crazy, it beats it in most aspects. Hence the price for it being so high.

 

[treetops]

Furthermore, gold itself had no value. What's it the Mayans used coca beans. Which is actually something useful. Much like the show the Mandalorian. One type of currency they had can be used to make armor n such. So what could we use medicine? Recreational drugs? Rare metals? The downside is that the valuable resource is not being used. However that gives us a cache of that resource. Cocoa beans, again was a great idea, because it's what I would deem entertainment. An entertainment, luxury item is probably the best way to go.

Thinking about it, assuming the government should control currency in itself is nutty. They don't need that much power. When the **** hits the fan paper or an entertainment item is useless. Sadly bullets might actually not be as crazy as it sounds. Not to say oh .22, how about a huge cache of amno to back our paper\bank transfers instead of something I'm not sure has to much value real value now, gold.

Why? Say the recession in 08 as an example. Nothing tangible or useful was actually lost. Just our imaginary economy. There were no floods, no earth quakes, no virus slowing production. Our man power was not down. Usefull items did not get destroyed. People lost their jobs etc, despite loss of paper, that has no real value.

I've said for awhile maybe newtons should backup currency. (work). Bitcoin at least has processing power to back it up. But it really like a waste of resources? The average person doesn't care if their money is anom. The only value crypto seems to offer.

Instead of arguing over minor details of a completely insane system. Perhaps fixing what our currency actually is .... oh yeah that might result in a global min wage and an equal playing field. Something that might happen in the future when we get to a kind of pretopia.

p.s. makes you rethink the value of the USA military, perhaps military force would be the best backer of currency. Akin to processing power(for lack of better word) of bitcoin. It's easier to quantify it with amno. Amno being the backer, not the actual exchange unit.

If I had to guess the AK-47 amno would be ideal if lord of war has it's facts straight, pretty much what's still used around the world and has been for the last almost century.

What is ludicrous, people lobbied to keep military spending up probably don't even realize this. But someone does. So yes go ahead and fight over monopoly money ideals ^^

If you want a true example of what I am getting at watch Oliver Stones untold history. They plainly explain why we waited to get into ww2 for so long. It's not any kind of conspiracy, we wanted to take over the worlds economy. The best way to do that was to let everyone else waste their military might. It was plainly spoken by our president at the time.


p.s.s. yes I know I contradicted myself but came to a conclusion, thinking ftw

don't mind me I just deliver pizzas