Bitcoin Forum

Bitcoin becomes so popular all over the world. There are a lot of countries that accept the cryptocurrency in their land, especially in New York, where they plant a generator for only bitcoin machine purposes. The plant is only accessible for any bitcoin machine, so it means that there will be no traffic in the transactions of the bitcoin in New York because they already have a generator for the bitcoin machine. There are about 7,000 crypto machines in New York located in the Finger Lakes region.

The said generator plant can mine for about 50,000$ for day, which is somehow equivalent to 5 BTC, that is really big for one day, so I think it will really benefit the Ney York, they say that before they are only using it when the peak demands but now as they realized to advantage of this crypto machine they will run it for the whole year.

The good thing about other countries is they are willing to cost a lot of many for technology, so as a result, they became more successful and influential because of the things that they are doing. Cryptocurrency is perfect for the economy because of its fastest and safest transactions online.

I also read about that article and that is really nice for the New York because they are now earning for about 50,000$ a day because of the generator plant for their bitcoin machine, I hope that our country will also inspire to New York because cryptocurrency is really an excellent help to become a stable and strong country, I am happy on that country because they are known about the advantage of cryptocurrency, I think that country will become more powerful in the future because of the things that they have created.

The more crypto mining machine, the more income for them. They spent so much money on that project, but as a result, it is really worthy because they earn so much money from that.

Well said mate, those countries that follow the emerging technology would be better in the future, there are already a lot of countries that accept the bitcoin or other different currencies in their land, which is good for them, but what I love the most is the things that have done in the New York, which is the generator for the crypto mining machine, which is good for mining so fast, imagine how would be the income of the New York for a whole year if they earn now for 50,000$ dollars per day, that is so big, it is now new and I think this project will become better. For sure it will earn more than 50,000$.

But I wonder how many electricity they need to run the machine and how it cost for every month.

When you are creating topic from any news sources you should add the source link. This news I have read on couple of online cryptocurrency media sources like cointelegraph. They also published the news about New York Power Plant Mines $50,000 of Bitcoin a Day (https://cointelegraph.com/news/new-york-power-plant-mines-50-000-of-bitcoin-a-day/amp).

However, I will say they are very clever & intelligent and that's why they are not missing the opportunity of mine bitcoin. This would be a example how USA accumulating bitcoins. Whatever they are saying but internally they know bitcoin would rule world economy once a time.

Can you expound more on what you mean here? Did you mean that Bitcoin transactions in New York are faster because of this "Bitcoin Mining Machine"? Because that's not how it works.

Just read the article, if I understand it, the power plant been used for mining bitcoin by assembling about 7,000 mining machines, can mine up to $50k bitcoin on a daily basis. I understand the current block reward is 12.5BTC for about 10mins interval which amounts to 1,800BTC per day, this article is trying to say this New-York power plant makes about 5BTC+ daily from the 1,800 been released as reward? This is not bad at all. Maybe they should be keeping them for future market boom.

Eventually either miners will be commissioning their own power plants or power companies will be contracting miners to mine on site. The two are going to converge somewhere in the middle. I don't see the existing status quo continuing.

Probably talking about dedicated power plant solely for mining Bitcoin. Or maybe he/she thinks that adequate miners in an area will enhance its transaction speed or something. Or he meant no other cryptocurrency will compete with Bitcoin for electricity in that area?

Seriously, stop making topics if your English is this bad, just copy the article, put the link and limit yourself to a few lines otherwise what results is not almost impossible to comprehend but also really, really wrong.

No, a mining farm is buying electric energy from a power plant, they only use 15MW of the power plant capacity of over 100MW, the rest is sold to others.

No, it's not, there is no such thing as "traffic" and there are transactions that are only in NY, it doesn't work like that, a transaction from somebody in NY to a guy in France can be included in a block mined by someone in Portugal.

We're talking about NY (the state) which has a 1.7 trillion GDP, which means that what that mining farm is doing represents the income of 1 second the state does. Also, it represents 0.3% of the bitcoins mined in a day.

50k$ represents the median income for NY, so that "big" income you think only represents the work of around 400 of the 20 millions!!! people living there.

Well i have always said that if you happen to own a power plant, with excess power and cheap enough operating costs setting up a mine makes very good sense.

This is of course to make use of the excess you are not selling anyway. Usually a private entity wouldn't be that inefficient, but it gives them that option.

But, that doesn't make them any different to other miners. That 50k figure was done at what, 9k price? It'll go half that in May unless price goes up.

I wonder if this is a net figure, i wouldn't be surprised they spent 4₿ to produce 5₿. Lately most of the money made by miners is given back to the electric corp, those utility bills may you look like a whale when in fact you are only getting a few remaining leftovers. Think of it carefully, you are working for their benefit than for yours.

Little incentive for power generators to also do the mining themselves with so many (cheap) laborers doing willingly for you. But of course its more efficient that way so i can see the incentive.

And if that power plant happens to use a renewable source, such as a dam somewhere, it suddenly becomes very enticing. No need to spend money sending the energy elsewhere when it can be done right there. Well there is the little upkeep of the mining operation, but that's surely cheaper.

Nice PR and nice way of using the energy they are already generating into something that generates more money. This will certainly pique the curiosity of New Yorkers and might see the start of some stalls and shops accepting bitcoin to join the hype train. Though compared to what New York makes in a year, $50000 is still a good sum for other things. All in all, think of this as a free advertisement to bitcoin and can start a new way of buying things in the Big Apple.

That was always the long term trajectory of the mining industry, assuming Bitcoin succeeds. People like philipma1957 have been pointing this out for years. Mining incentives drive miners towards the cheapest possible electricity, which encourages load balancing arrangements with power plants.

Power generators literally have access to excess generated power from the grid, so it's a no-brainer to put that excess power towards mining, instead of selling it off dirt cheap or wasting it. Eventually, I could see power generators cutting out third party mining contractors too, and running entire operations in-house. That's where we are headed.