New York power plant mines Bitcoin using excess energy 1

The facility and its mining partner, Atlas Holdings, characterized this as a win for both the plant and the community. In theory, this helps the facility turn a profit while creating more jobs and tax revenue. It’s a logical fit, at least, as cryptocurrency mining often depends on large amounts of energy — something that won’t be a problem at a power plant.

There are limitations. This mining may work for natural gas, but it might not be a great idea for renewable energy systems where it’d make more sense to store the energy for later. Long-term viability might be an issue, too. Greenidge’s mining may be profitable right now, but it could lose much of its allure as demand at the plant grows. There’s also the nature of Bitcoin itself to consider. It gets more and more difficult to generate bitcoin over time, so the windfalls you see today might not be possible in the years ahead. If this proves successful enough, though, you might see other natural gas plants follow suit.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin42,474 0.15 % 0.45 % 0.71 %
Ethereum3,170.5 0.17 % 1.50 % 2.34 %
Binance Coin472.01 0.09 % 0.96 % 1.85 %
Tether1.000 0.04 % 0.01 % 0.10 %
Cardano1.520 1.45 % 6.57 % 28.22 %
USD Coin0.9999 0.27 % 0.02 % 0.00 %
Solana141.96 0.76 % 1.08 % 1.21 %
XRP0.7518 0.08 % 1.81 % 2.71 %
Terra80.34 0.43 % 3.29 % 9.10 %
Polkadot25.22 0.40 % 2.11 % 1.27 %

bitcoin
Bitcoin (BTC) $ 42,454.00
ethereum
Ethereum (ETH) $ 3,169.66
binance-coin
Binance Coin (BNB) $ 471.63
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 1.52
usd-coin
USD Coin (USDC) $ 1.00
solana
Solana (SOL) $ 142.05
xrp
XRP (XRP) $ 0.751337
terra-luna
Terra (LUNA) $ 80.46
polkadot
Polkadot (DOT) $ 25.21