Greenidge Generation, a natural gas power plant located in Dresden, New York, has announced the successful launch of a large-scale Bitcoin mining operation. The facility now hosts 7,000 Bitcoin miners that consume approximately 14 megawatts (MW) of power, generating around 5.5 BTC per day — worth nearly $50,000 at current prices. The total investment in the project, including miner procurement, plant conversion, and infrastructure upgrades, stands at $65 million.
Scalable Capacity and Institutional Partnership
Covering 65,000 square feet, the current mining setup uses only a fraction of the plant's potential capacity. Greenidge plans to expand from 14MW to over 106MW in the future, and is open to international investors for hosting or equity partnerships. The entire project was completed in less than four months, with help from local workers and industry partners. The private equity firm Atlas Holdings led the investment and oversees the mining operations.
Dale Irwin, CEO of Greenidge, stated, 'As power plant operators with a unique commitment to environmental stewardship, running assets reliably 24/7, 365 days per year is in our DNA. We are bringing that same discipline to our mining operations. By partnering with cryptocurrency experts, we have created a truly one-of-a-kind project.' He added that the project will generate new jobs and tax revenue for local schools and government services.
Environmental Conversion: From Coal to Cleaner Natural Gas
Originally a coal-fired plant, Greenidge underwent a major transformation in 2017, switching to natural gas and biomass. The conversion earned approvals from the New York State Department of Environmental Conservation and the U.S. Environmental Protection Agency. The plant now produces cleaner energy while supporting the local economy. The Bitcoin mining initiative further optimizes the use of self-generated electricity, representing a 'behind-the-meter' energy application that circumvents grid transmission costs.
Kevin Zhang, Director of Blockchain Strategies at Greenidge, explained: 'A power plant generating electricity behind-the-meter to energize its own mining operation allows investors to tap the profitability of both cryptocurrency markets and energy markets. What is equally impressive is the forethought and collaboration toward developing an institutional-grade, regulatory-compliant business.'
Natural Gas Bitcoin Mining: A Growing Trend
Greenidge is not alone in leveraging natural gas for crypto mining. Companies like Upstream Data (Canada) vent gas, Crusoe Energy Systems deploys flare gas technology, and EZ Blockchain has built mobile flare mitigation systems. These projects turn what was once wasted energy (flared or vented gas) into digital assets, reducing environmental impact. As natural gas producers often face the dilemma of flaring excess gas, Bitcoin mining offers a profitable and sustainable alternative.
Energy firms with surplus gas or available facility space are likely to follow Greenidge's lead. The project demonstrates that behind-the-meter mining can be both environmentally sound and economically viable, paving the way for wider adoption in the energy sector.