[2020-03-05] Power Plant Mines BTC 5.5/day

[blacky90]

The Greenidge Generation plant in New York’s Finger Lakes region can mine about 5.5 bitcoins per day (USD 50,000) after its operator installed some 7,000 mining machines in recent months, Bloomberg reported.

The machines work off so-called "behind-the-meter" power, which makes it "extremely low cost," the report said, without specifying. The server farm consumes about 15 megawatts of the 106 megawatts of capacity that the plant produces, it added.

https://cryptonews.com/news/power-plant-mines-btc-5-5-day-secures-unique-position-ahead-5959.htm

[Kounter]

So what? Cloud mining is much more efficient.

[gentlemand]

So what? Cloud mining is much more efficient.

Go away and do your homework. You'll get a smacked botty if you continue to display such mindlessness. 

Cloud mining is almost always a ponzi scheme so there are indeed no miners. All they're doing it stealing your money.

For the handful of real ones you are renting a portion of the profit from facilities just like this one.

Elsewhere I've seen power facilities involved in oil and gas bringing in plug in mining units to make some money from power going idle.

[Theb]

So what? Cloud mining is much more efficient.

Maybe you are talking about a scam cloudmining website like the now defunct HashOcean that pays (uses the funds from new investors) 1.1% daily, yeah sure you'll be earning from them but I doubt you'll even have your money back from a scam project. The legit ones like Genesis Mining or HashFlare doesn't give that kind of reward for their users, maintenance fees deducted from your earnings will kill your earnings. This sustainable mining farm on the other hand has its own power source which tremendously cuts their operating expense, they are currently just using 15 MW of the 106 MW powerplant which means they have more room for expansion and maybe they can earn more than 5.5 BTC per day before the halving begins.

[pixie85]

It's an old power plant that used to burn coal and was filled with asbestos insulation. It's now converted to biomas but still creates a rather dirty power when compared to solar, water or even nuclear powered plants.

https://www.levylaw.com/asbestos-exposures-greenidge-generation-plant-dresden-new-york/

Greenridge is not producing green power, despite its name

Despite thet they're still putting the equipment to good use. I'ts better to mine BTC than let it all rot and decay.

[mohdk52]

But do the electric power plant's mining costs pay off?

[gentlemand]

But do the electric power plant's mining costs pay off?

No one mines for fun so I presume it must do. However 7000 mining machines is one hell of a big outlay. It doesn't make it clear whether they own the machines themselves or whether they have a deal with someone who owns them.

[Carlton Banks]

So what? Cloud mining is much more efficient.

Go away and do your homework. You'll get a smacked botty if you continue to display such mindlessness. 

that is a spectacularly arrogant comment

you frequently express pleasure at not being able to understand:

• how Bitcoin works
• how new developments to Bitcoin work

please learn to moderate your tone (and your ego)

[figmentofmyass]

But do the electric power plant's mining costs pay off?

to consistently meet grid capacity, power plants run above actual demand, and they have to do something with that excess power. a lot of plants would lease it to bitcoin miners at a discount (load balancing); this plant is choosing to mine themselves instead and pocket the margin. i assume their production costs are significantly below bitcoin market value. i'm sure it's a net positive for their business, otherwise they wouldn't be doing it. in particular, this is a cogeneration plant, so they are much more efficient (lower production costs) than conventional power plants.

[kecha1]

Does bitcoin mining pay for the electricity spent?

[gentlemand]

Does bitcoin mining pay for the electricity spent?

That's the idea. Only hobbyists and weirdos mine for fun. The majority are in it to make money.

If you can't pay for it and make a profit too then you either have to keep mining and hope you can sell the coins you earn now for more down the line, but not many could sustain a loss over that much time as costs keep piling up, or give up and let someone who is profitable take your place.

[Timelord2067]

Tapping into a Power Station's raw power transmission isn't a new thing.  There was a thread here a couple of years ago of a Canadian venture in the east of the country that was buying wholesale Hydro Electricity and had converted a massive warehouse in a dot-on-the-map town near to where the hydro was being generated.  (May have been Nova Scotia Provence ^IIRC).  The thread's OP was posting weekly updates of the conversion of the warehouse retrofitting modern transformers and purpose built framing / wiring etc.  Then the thread vanished.  Not sure if it was archived or nuked, but it's no-longer there.

[thirdkiller]

It seems to me that this is just a publicity stunt and nothing more.

[Naida_BR]

So what? Cloud mining is much more efficient.

For real man... Don't spread false news... I guess you haven't ever tried neither ordinary mining nor cloud mining.
What puzzles me is the cost that is needed in order to set up a mining plant that mines 5.5 BTC/day. I guess this investment is going to be millions and if the electricity is not cheap you will never be able to pay off.