It's a glorious Thursday morning, freaks.
Do you hear that? Can you feel the buzzing?
That's the sound and vibration of bitcoin mining becoming more prominent on American soil. The latest operation coming to you live from Upstate New York where a power plant pushing natural gas to their local grid has decided to fit their operation with some supplementary mining equipment to harness untapped energy during times when there isn't that much demand from the grid. Allowing the power plant to stay open longer than otherwise would be possible. Helping to keep people employed and even out the energy load over the course of the whole year instead of just peak seasons.
It will be interesting to see how profitable the mining operations are for Greenidge over time. If they're able to hold onto a good portion of the bitcoin they mine and ride a bull market it seems like it could be a pretty lucrative endeavor. Only time will tell.
Regardless, this particular operation is just one example of a way in which energy companies and producers are beginning to utilize bitcoin mining to bolster their operations. Very bullish for the long-term prospects of geographical mining distribution and a balkanization of hash production. This particular set up is something that your Uncle Marty has been discussing for quite some time. Here's an episode of TFTC I recorded with Joe Looney that touches on the subject. Highly recommend you check it out when you get a chance.
Slowly but surely, bitcoin seeps further and further into our every day lives.
Never forget, Bitcoin is the Real Green New Deal.
Ready for some outside beers this Spring.