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Environment & Energy Report

This Utility Heats New York -- And Mines Its Own Bitcoin (1)

March 5, 2020, 2:21 PM

A power plant in New York’s Finger Lakes region has set up its own Bitcoin mining operation, using the electricity it produces to generate about $50,000 worth of the virtual currency every day.

Atlas Holding LLC, the private-equity firm that runs the operation, has installed some 7,000 crypto mining machines at the Greenidge Generation plant in recent months that can mine about 5.5 Bitcoins per day. The 65,000-square-foot facility in Dresden, New York, was built in 1937 as a coal plant and later converted to natural gas.

The machines work off so-called “behind-the-meter” power, which makes it extremely low cost,...

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