Not satisfied with mining on their own, New York power plant sells mining hashpower to institutional buyers

In the Finger Lakes region of New York, the natural gas power plant Greenidge Generation, which ventured into Bitcoin mining a few months ago, is now not mining for itself but selling its hash power to an undisclosed buyer.

Greenidge Generation LLC (Greenidge), a power plant that claims to be the first in the world to mine Bitcoin using hybrid power in full compliance, announced today the successful sale of 106 PH/S of Bitcoin hashpower to an undisclosed buyer. The hashpower sale was facilitated through a hashpower contract offered by BitOoda Digital LLC (BitOoda), a financial technology startup based in New Jersey.

The BitOoda Hash™ contract was first introduced in January 2020, allowing for the trading of significant amounts of Bitcoin hashpower. BitOoda streamlined the settlement and delivery processes, enabling seamless transactions of hashpower between the over-the-counter market and institutional investors. Through BitOoda's hashpower contract, even U.S. investors looking to venture into mining without bearing the costs of mining equipment can engage in Bitcoin mining by purchasing hashpower from Greenidge.

Tim Rainey, CFO of Greenidge, commented:

Greenidge is open to institutional investors across the United States. As we continue to expand our mining operations, we look forward to collaborating with BitOoda and other partners to further broaden our investment scope.

Tim Kelly, CEO of BitOoda, stated:

BitOoda's physically settled hashpower contract was introduced considering the capacity of the Greenidge plant. We are honored to collaborate with Greenidge on this transaction, and we believe this is just the beginning of a robust hashpower and related solutions market, as well as the first step toward realizing the next generation of digital asset-related commodities.

Previous reports on this New York power plant highlighted its advantage of low electricity costs, allowing it to mine approximately 5.5 Bitcoins per day in March of this year. The plant is also unconcerned about the upcoming block reward halving impacting prices. They stated that the plant's unique advantages enable them to make money during market downturns and, of course, profit during high market volatility.