Zombie fossil-fuel power plant revived to mine bitcoin

Dead and off the grid for years before purchase to mine bitcoin

Few bitcoin projects illustrate the cryptocurrency’s enormous climate impact better than the Greenidge power plant in upstate New York. The once-abandoned power plant was bought by private equity firm Atlas Holdings and retasked. A significant portion of Greenidge’s electricity no longer powers nearby homes or businesses; rather, the plant’s smokestacks are increasingly pouring pollutants into the atmosphere in the service of mining bitcoin.

…By the end of this year, it plans to have 18,000 specialized machines mining bitcoin, and with the recent approval of its data center expansion plans, it will add 10,500 more. When the project is complete, the miners will be using 79 percent of the power plant’s capacity, or 85 MW.

The additional four data center buildings would provide 12 long-term jobs, but the mining operations would significantly contribute to air pollution in the area and discharge hot water into a nearby trout stream that empties into Seneca Lake.

But…it will be turning a profit and in the GOUSA, that’s all that counts.

35 thoughts on “Zombie fossil-fuel power plant revived to mine bitcoin

  1. Moloch says:

    “How Bitcoin can keep fossil fuel use alive”. https://grist.org/technology/bitcoin-greenidge-seneca-lake-cryptocurrency/ Bitcoin mining is now estimated to gobble up more electricity than many entire countries. See “Visualizing the Power Consumption of Bitcoin Mining” https://www.visualcapitalist.com/visualizing-the-power-consumption-of-bitcoin-mining/
    “Bitcoin uses more electricity annually than the whole of Argentina, analysis by Cambridge University suggests – around 121.36 terawatt-hours (TWh) a year – and is unlikely to fall unless the value of the currency slumps.” (BBC 2/10/21) https://www.bbc.com/news/technology-56012952
    Cambridge Bitcoin Electricity Consumption https://cbeci.org/ [updates every 30 sec]
    Note: A terawatt hour (TWh) is a measure of electricity that represents 1 trillion watts sustained for one hour.

  2. Babri says:

    This should not be encouraged. we should be stopping fossil fuels from being revived. There are many ways in which it can be carbon neutral

  3. 3Card Monte says:

    The crypto bubble that inflated Bitcoin’s value past $1 trillion and added billions to nonsense digital tokens overnight is bursting. https://www.aljazeera.com/economy/2021/5/19/crypto-wipe-out-bitcoin-ether-doge-all-plunge-lower
    Bitcoin plunged almost 22% to $35,000, wiping out more than $500 billion in value from the coin’s peak market value. It has erased all the gains it clocked up following Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Ethereum, the second-biggest coin, sank more than 40%, while joke token Dogecoin lost 45%. [Crypto critics had warned for weeks that the moves in crypto assets were unsustainable and that any sign of a selloff would lead to a rout].
    A machine for making money: https://www.casino.org/blog/lustigs-money-machine-scam/

  4. Update says:

    The bitcoin sell-off continued Sunday following a roller-coaster week of trading, as authorities in China and the U.S. move to tighten regulation and tax compliance on cryptocurrencies. https://www.cnbc.com/2021/05/23/bitcoin-resumes-selloff-over-weekend-briefly-falls-below-33000.html
    China’s bitcoin crackdown comment sparks USDT sell-off on OTC desks https://www.theblockcrypto.com/post/105708/china-bitcoin-crackdown-usdt-otc
    “In past 48 hours, Chinese miners already started to accelerate migrating process to other countries,” tweeted Mustafa Yilham, who leads the overseas business at Bixin, a long-time bitcoin mining firm in China. “There will also be large quantities of Bitcoin mining machines available for sales.” https://www.theblockcrypto.com/post/105814/china-bitcoin-miners-brace-regulatory-uncertainty

  5. Pavlov's dogs says:

    “Elon Musk Juices Bitcoin Price Yet Again With His Stupid Tweets : The billionaire obviously knows what he’s doing, but does his legion of followers?” https://gizmodo.com/elon-musk-juices-bitcoin-price-yet-again-with-his-stupi-1847090462
    “Musk, the second wealthiest person in the world, was responding to a tweet from crypto news outlet CoinTelegraph that accused the billionaire of running a pump and dump scheme when he made his latest revelations.” https://cointelegraph.com/news/sygnia-ceo-criticizes-elon-musk-for-alleged-bitcoin-pump-and-dump
    “Pump-and-dump is a manipulative scheme that attempts to boost the price of a stock or security through fake recommendations. These recommendations are based on false, misleading, or greatly exaggerated statements.” https://www.investopedia.com/terms/p/pumpanddump.asp

  6. Yee-haw says:

    China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Texas https://www.cnbc.com/2021/06/15/chinas-bitcoin-miner-exodus-.html
    2021 data for the global distribution of mining power is not yet available, but past estimates have shown that 65% to 75% of the world’s bitcoin mining happened in China – mostly in four Chinese provinces: Xinjiang, Inner Mongolia, Sichuan and Yunnan. Sichuan and Yunnan’s hydropower make them renewable energy meccas, while Xinjiang and Inner Mongolia are home to many of China’s coal plants.
    The drawdown in miners has already begun in Inner Mongolia. After failing to meet Beijing’s climate targets, province leaders decided to give bitcoin miners two months to clear out, explicitly blaming its energy misses on crypto mines.
    University of Cambridge Bitcoin Mining Map https://cbeci.org/mining_map

  7. Sweet Dreams says:

    As the energy demands of cryptocurrency mining garner increased scrutiny, some mining operations are cutting out the middleman and setting up shop inside existing power plants.
    These companies are in search of what’s called “stranded power,” which could be an existing power plant or an abandoned facility with access to dormant energy sources, Curbed reports. https://futurism.com/the-byte/crypto-miners-buying-power-plants
    Got an Old Power Plant Lying Around? Crypto Miners Are Buying Them Up They’ll take denim mills, airplane hangars, and aluminum smelters, too. https://www.curbed.com/2021/07/crypto-currency-mining-old-power-plants.html

  8. p/s says:

    Police Destroy 1,069 Bitcoin Miners With Big Ass Steamroller In Malaysia : Malaysian authorities did not mess around when they broke up a cryptocurrency mining farm and charged the operators with stealing electricity. https://www.vice.com/en/article/7kv739/police-destroy-1069-bitcoin-miners-with-big-ass-steamroller-in-malaysia
    Dogecoin Co-Creator Says Crypto Is ‘Right-Wing, Hyper Capitalist’ : Jackson Palmer published a long Twitter thread that explains everything wrong with cryptocurrency. https://www.vice.com/en/article/k78pxv/dogecoin-co-creator-says-crypto-is-right-wing-hyper-capitalist
    The latest attempt to push digital currency as the great equalizer comes from Spike Lee, who has directed a new commercial for Coin Cloud, a company that offers ATMs for cryptocurrencies. Yes, the Oscar-winning director of Malcolm X, Do the Right Thing, and numerous other classics of American cinema did a crypto ad. https://www.vice.com/en/article/dyvwkk/spike-lee-made-an-ad-for-cryptocurrency-atms-and-its-bizarre

  9. Roulette says:

    Bitcoin dropped to a six-month low on Saturday, extending a steep fall recorded in the previous session as the cryptocurrency market was swept up in a powerful shift by investors out of speculative assets.
    Bitcoin has now lost almost a quarter of its value this year.
    Other cryptocurrencies have also come under intense selling pressure, with an FT Wilshire index of the top five tokens excluding bitcoin down 30 percent in the first month of 2022.
    Investors now forecast the Fed, the world’s most influential central bank, will raise interest rates three to four times this year, something that has sent bond yields surging. Higher yields on low-risk assets like US government bonds make the potential returns that can be earned through speculative investments like cryptocurrencies look less appealing, analysts say. https://arstechnica.com/tech-policy/2022/01/bitcoin-drops-to-six-month-low-as-investors-dump-speculative-assets/

    • Oopsie says:

      The Crypto Crash Has Destroyed a Trillion Dollars in Wealth https://futurism.com/the-byte/crypto-crash-destroyed-trillion-wealth
      The week’s crypto crash has hit an astonishing round number, Bloomberg points out: it’s now lost more than $1 trillion — that’s trillion with “t,” a staggering sum — in value since late last year.
      Bitcoin alone lost more than 12 percent of its value on Friday and dropped to its lowest level since July of 2021, bottoming out at a wretched $34,000 at press time. That means that since a peak in November, it’s lost more than 45 percent of its value. Other coins have lost the same, if not more, value in the same time period.
      Bloomberg reports that this marks the second largest decline ever in the currency’s history, according to Bespoke Investment Group.

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