A powerplant in Dresden, New York

Former coal power plant converted to gas

• power plant was shut down in 2011 because regional energy demand was insufficient to justify operating costs
• owners filed for bankruptcy and notified the state that the plant's closure was permanent

How and why was it brought back to service?

• 2014, Atlas Holdings, a private investment firm based in posh Greenwich, Connecticut, bought the Greenidge power plant
• years later the company received a $2 million regional economic development grant to convert the plant to natural gas operations

→ for profitable reasons: in 2020, 1186 Bitcoin were mined by the on-site computers (cost per coin of 2869Dollars)

→ Currently, one coin is traded at a price of just over 40000 US dollars

What are the plans for the future?

The power plant capacity and the computing capacity, are planned to be greatly expanded in the next few years

→ Currently: 19 megawatts of capacity

→ 2022, this is to be expanded to 106 megawatts

→ 2025 to 500 megawatts