Private-equity company Atlas Holding LLC has turned a New York power plant into a Bitcoin (BTC) mining facility. As emphasized in a Bloomberg report, this hub in the Finger Lakes region can produce BTC that’s worth $50,000 every day.
The 65,000-square-foot power plant in Dresden, New York started off as a coal plant in 1937. Later on, the owners decided to focus on natural gas. In the past months, around 7,000 BTC mining machines had been installed in the facility by Atlas Holding, which according to reports, bring as much as 5.5 Bitcoins/day.
Notably, the facility is a cost-efficient one as the mining machines operate via “behind-the-meter” power. It’s no secret that crypto mining equipment requires intensive energy, and miners keep on moving from one place to another in search of cheap electricity. Usually, they set up operations in regions where there are hydropower plants. Atlas Holding said that in their facility, the cost of production is not a problem since their power cost is both low and predictable.
In the past, Atlas Holding shared that the power plant only operates during winter or summer, when there is a high demand for energy. But today, it runs all year round. Notably, out of the 106 megawatts of energy that the plant can produce, only 15 megawatts are being consumed by the BTC mining facility.
The profound impact of Bitcoin’s upcoming halving
The CEO of colocation service for cryptocurrency miners, Dave Perill, said that there would be a significant change in the crypto community after the Bitcoin halving in May. He emphasized that the block reward which would once again be cut in half would impact most mining companies in terms of profitability.
However, despite the upcoming halving that’s been causing panic to small-scale BTC miners, Atlas Holding remains confident that they would still be in operation due to their unique position.
On Friday, Bitcoin exhibited a remarkable performance after three consecutive days. As of 9:00 AM New York time, the crypto is trading at $9,089.