The profitability of Bitcoin mining can become a headache in those countries where electricity is expensive. However, there are companies that have sought original solutions to this problem. Such is the case of a firm from the United States.
It is the Greenidge Generation power company, located in the Finger Lake region of New York. This company, which previously produced its energy from coal, has now converted this process to natural gas.
According to Forbes‘ review, after being affected by competition from other plants, the firm was left on the verge of bankruptcy. In 2018, they approved starting a pilot plan with two S9s. Two years later, they are one of the largest Bitcoin mining farms in the country.
Can Bitcoin mining be the solution to bankrupt companies
Bitcoin mining can, and indeed is, becoming a great opportunity to deal with crisis situations. Thus, we can be sure that it is a strong support for any kind of enterprise, from small locals to big companies that are going through problems.
In this way, Greenidge Generation, faced with its problems, decided to approve the start of Bitcoin mining. It was an almost desperate test to avoid a major collapse.
In just two years, this firm went from a couple of ASICs and some GPUs, to mining 20 MW with the surplus energy. It should be noted, that the electricity service to New York, is in the midst of strong competition, forcing companies to lower prices to cover more space.
With the impossibility of competing with other industries, Greenidge Generation, covered less and less space and a great surplus of energy that they can now dedicate to the mining of Bitcoin.
Companies with financial problems can migrate to Bitcoin mining to save themselves.
Bitcoin mining can be a lifesaver for companies in financial trouble.
Bitcoin illegal mining proliferates in Abkhazia
Improvements and future plans
According to statements by the CEO of this company, Dale Irwin, at the end of the pilot program of Bitcoin Code mining, only 4 months passed to massify it. In January 2020, they already had large capacity farms.
Likewise, the company does not intend to stop the extraction of crypto coins with the help of its surplus electricity. By 2021, they assure that they will use the maximum capacity of their facilities, that is, 104 MW.
With this process, the company sees itself as a „hybrid“ providing electricity and mining services. At present, some 9,000 state-of-the-art Bitcoin mining machines are in operation.
Irwin explains that „without Bitcoin mining, the company would not have been able to provide a high-capacity service and maintain sources of employment.
Recently, Cripto Tendencia published an article on the leading role of Bitcoin mining in sectors of the micro economy. All of this makes the thesis that cryptomonies are one of the best investments, to be right.