The New York power plant sells hashpower Bitcoin to institutional investors

The New York power plant sells hashpower Bitcoin to institutional investors

Greenidge Generation, a Bitcoin mining power plant in upstate New York, sold 106 petahash computing power (hashpower - or hash power) to an anonymous buyer through a 'hashpower contract' paid for in Bitcoin ( BTC).

The contract - introduced by BitOoda Digital, was first launched in January with the purpose of providing institutional investors to purchase large quantities of Bitcoin hashpower in OTC markets.

On April 10, CFO of Greenidge Generation declare:

“The same type of hedge has been tested over the same time in traditional commodity markets (...) that bring the benefits of a clean and energy-efficient Bitcoin mining to Greenidge for investors. held throughout the United States. ”

A sweet deal for investors?

The Greenidge power plant uses a natural gas pipeline directly to the plant, thereby generating energy consumed by its mining facility - up to 100 megawatts of energy per hour, and reducing costs. The company said that this setup gives investors the opportunity to exploit profits not only of cryptocurrencies, but also the energy market.

The new contract - set out to allow institutional investors to own Bitcoin for less than the spot price in the market, with a physical settlement tool - is delivered with Bitcoin generated in factories. electricity. For Greenidge, this deal provides an upfront amount of money to expand its operations.

Resources and exploitation profits

As reported recently, Greenidge is owned by private firm Atlas Holding, which has installed 7,000 cryptocurrency miners at 65,000 square foot Greenidge power plants in Dresden, New York.

With a 50% reduction in mining rewards for each upcoming Bitcoin block - an event also known as halving, TradeBlock research has shown that access to efficient mining equipment, along with electricity and resources. cheaper, can help this industry avoid losses.

Maybe you are interested:

Join our channel to stay up to date on the most useful news and knowledge at:

According to CoinTelegraph
Translated by ToiYeuBitcoin