This firm turned an old power plant into Bitcoin farm—and mined $60 million in a year

 This firm turned an old power plant into Bitcoin farm—and mined $60 million in a year


Over the previous few years, non-public fairness agency Atlas Holdings has created arguably probably the most bold and self-sufficient Bitcoin mining facility within the U.S. by repurposing an entire deserted energy plant right into a crypto farm.

In keeping with Ars Technica’s report printed earlier this week, Atlas purchased the Greenidge energy plant in upstate New York again in 2014. By that point, the coal-powered facility was already lengthy since decommissioned following the chapter of its proprietor.

One man’s trash is one other man’s Bitcoin

Over the following three years, Atlas holding spent $65 million on the reconstruction of Greenridge, changing it to pure gasoline on the identical time. After the plant was reopened and useful in 2017, the agency spent one other two years on turning it right into a Bitcoin mining farm—and in the end succeeded.

“No direct competitor at the moment owns and operates its personal energy plant for the aim of Bitcoin mining. No different Bitcoin-mining operation of this scale in america at the moment makes use of energy generated from its personal energy plant,” the agency mentioned in its S-4 submitting with the Securities and Change Fee (SEC).

Consequently, the operation allowed Atlas to earn hundreds of thousands of {dollars} price of revenue. Particularly, between February 2020 and February 2021, the agency reportedly mined round 1,186 BTC at a mean value of $2,869 per coin.

Which means that Atlas has turned roughly $3.4 million price of bills into wherever between $60 million and $67 million price of revenue at this time, relying on the (extremely unstable) worth of Bitcoin over the previous few weeks. Implying, after all, that the agency held on to its holdings over this time.

Ecological issues

Nonetheless, not everyone seems to be pleased with such reimagining. Whereas 50 residents of close by city Torrey in the end voted in favor of the Greenridge proposal final month, their opinions had been break up in half.

Even though Bitcoin mining information facilities present 12 long-term jobs for the local people, many are involved in regards to the “energy mining plant” polluting the air and discharging sizzling water into a close-by stream that goes into Seneca Lake.

Moreover, a number of dozens of native residents have already filed a lawsuit in opposition to the plant’s builders, alleging that Greenridge violates New York legal guidelines by dumping high-temperature water into the stream which, in flip, catalyzes the expansion of dangerous algae.

In the meantime, Atlas Holdings already has massive plans for the long run. By the top of 2021, the agency intends to extend the overall variety of Bitcoin mining machines to 18,000, and its plan for 10,500 extra has been just lately authorized by the SEC.

By the point it’s accomplished, the venture can be using 85 MW of energy—or 79% of the plant’s whole capability. And in the long run, the agency goals to generate no less than 500 MW of mining capability by 2025.

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