![]() ![]() This plan includes purchasing more power plants-with no commitment to renewables. And, as suggested in their merger webcast, in the wake of the Greenidge + merger, they plan to expand their current 20MW of bitcoin dedicated power generation capacity to 500MW by 2025. This includes companies like Atlas Holdings who own over 1 GigaWatt of oil and coal-fired capacity through its New Hampshire-based subsidiary, Granite Shore Power. Unlike Obama, who focused his agenda on regulating greenhouse gas emissions from power plants, “Biden’s priority is to pour money into new technologies and clean energy hardware.” Over the next 5 to 10 years, as the United States greens it’s grid, companies that own legacy fossil fuel power plants will be looking for an exit. ![]() In April, the Biden administration is expected to table a $3 trillion set of infrastructure bills targeted at fighting climate change. What it portends is not just a climate catastrophe and a significant loophole in upcoming US climate legislation, but the looming threat of firm regulatory action.īeware Gaping Holes in Climate Action Plans Noting that any contribution the plant might make to the grid would be largely redundant, Atlas-owned Greenidge began selling their excess fossil-fueled capacity to institutional bitcoin mining interests. In 2014, the plant was purchased by wood products, metals, and power generation giant Atlas Holdings who converted the plant from coal to natural gas generation in 2017. Greenidge Generation is located in upstate New York in a previously decommissioned coal-fired power plant along the western shores of Lake Seneca. Daytraders and longtime shareholders got to make some money, and Greenidge got to list on the NASDAQ the easy way. It is an unusual marriage out of which Greenidge gains an easy, lesser scrutinized path to the public markets and shareholders gain an exit or stock value resuscitation. What was all the excitement about? Having lost one of its biggest customers in 2020, appeared to be struggling, and so in what could be seen as a Hail Mary pass for shareholder value, they merged with bitcoin miner/power generator Greenidge Generation. The stock of, a relatively unknown and financially-challenged, internet-based technical support services firm, had rocketed from a mere $2.14/share close on Friday to a whopping $7.97 at Monday open and in the first 30 minutes of trading exploded even further topping out at $9.45 before beginning its descent to end the week at $4.78. On the morning of Monday, March 22 North American stock traders woke up to find a remarkable runner on their pre-market scans. :)Ī Warning about Bitcoin, Fossil Fuel Power Generation, and a Looming Regulatory Hammer I should have mentioned other clean miners like HIVE, but please any miners who you think should be noted post them in the comments. The conclusion is that I think there may be a tonne of potential in clean bitcoin miners, while less clean miners may be left scrambling as local, global, and national regulators crackdown. Give it a read and let me know what you think. I reference the Terra Pool initiative of miners DMG Blockchain (DMGI), ARGO Blockchain, and Bitfarm (BITF). Inspired by the recent gap-up in SPRT, I wrote a DD article about what I think is likely to be a local, national and global regulatory crackdown on fossil fuel-powered bitcoin mining.
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