Mining Power Plant Completes First Bitcoin Hashpower Sale

A New York Bitcoin mining power plant has completed the sale of Bitcoin hashpower in a first-of-its-kind contract, to an unknown party.

According to an official press release, Greenidge Generation sold 106 Petahash in a deal a different firm, BitOoda Digital, brokered.

Greenidge first launched the sales contract in January, saying it was created to help institutional investors benefit from Bitcoin mining operations.

According to Greenidge Chief Financial Officer (CFO) Tim Rainey, the company plans to spread its offerings as much as it can, to the entire country.

“Providing the same kind of time-tested hedging capabilities seen in traditional commodity markets, such [a] product brings the benefits of clean and energy-efficient Bitcoin mining from Greenidge to institutional investors throughout the United States.”

The press release also says Greenidge can generate more than 100mw of clean energy per hour. The company achieves this by accessing the Empire Pipeline System, the most affordable natural gas service in the country.

It also says that the contracts are settled physically and that partners can own Bitcoin at a discounted rate.

BitOoda CEO Tim Kelly has added that the offering is the next step in guaranteeing a “robust market for hashpower” for institutional investors.

Bitcoin’s hashrate is predicted to be steady and not regress after the halving.

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