Previous coal plant is now mining bitcoin for a utility firm

Old coal plant is now mining bitcoin for a utility company

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Bitcoin’s huge energy consumption is the cryptocurrency’s soiled secret. To mine bitcoin, computer systems throughout the globe chew by means of sufficient electrical energy to energy a medium measurement nation, someplace on the order of the Netherlands or Poland relying on the estimate.

The truth is, electrical energy has turn out to be such a big issue that one personal fairness agency owns an influence plant to mine bitcoin. The corporate, Greenidge Technology, mentioned at one level that they may mine one bitcoin for lower than $3,000. Even in the present day—at $40,000 per bitcoin, some 30 p.c off its peak—the potential for revenue is actual.

Which is why an investor-owned utility has dropped a containerized knowledge middle exterior a coal-fired energy plant 10 miles north of St. Louis. Ameren, the utility, was struggling to maintain the 1,099 MW energy plant operating profitably when wholesale electrical energy costs dropped. However it wasn’t properly suited to operating solely when demand was excessive, so-called peaker responsibility. As an alternative, they’re experimenting with operating it full-time and utilizing the surplus electrical energy to mine bitcoin.

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