Greenidge Generation sells 30% hashrate to institutional investors

Greenidge Generation sells 30% hashrate to institutional investors

Greenidge Generation, upstate New York, using its own BTC mining facilities, sold up to 30% of the hashrate to institutional buyers.

The company said the deal, brokered by BitOoda Digital, allowed it to sell 106 PX / s of computing power for BTC mining to unnamed buyers – hedge funds and family-owned investment firms. The sale was carried out through the execution of BitOoda hash contracts, which allow institutional buyers to access Bitcoin mining without the need to purchase and configure equipment.

At the current level of competition among Bitcoin miners, 1 Tx / s of computing power will be able to produce about 0.00001709 BTC per day. Thus, the transaction will give buyers the opportunity to extract about 1.8 BTC per day in addition to owning the relevant equipment as assets. But this level of income will not last long. After halving
Bitcoin in a month, the block reward will be reduced by half – from 12.5 to 6.25 BTC, that is, the above powers can give less than 1 BTC per day.

A Greenidge statement said the company benefited from profit taking and an upfront source of capital to continue its expansion. The firm refused to disclose the amount of the transaction.

“Our facilities will bring the benefits of Greenidge’s clean and energy-efficient BTC mining to institutional investors throughout the United States,” said Greenidge CFO Tim Rainey.

Recall that in March it was reported that Greenidge Generation produces
5 BTC per day. Previously, the power of the power plant was used only during increased demand for electricity in the summer and winter, but now the installation works all year round. Although many miners fear that it will not be profitable to mine bitcoin after halving, the company’s management is confident that it will be able to cope with this problem.

Greenidge Generation sells 30% hashrate to institutional investors

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