With High Electricity Demand Expected, Greenidge Limits Cryptocurrency Mining In Dresden

Due to the expected high power demand due to arctic temperatures followed by the overnight snowstorm, Greenidge Generation has announced that it is reducing its cryptocurrency mining operations in Dresden.

In a statement, the company said:

“Due to high electricity demand resulting from the recent cold weather, Greenidge has temporarily reduced its cryptocurrency mining operations in Dresden on Saturday January 15.and supply substantially all of its power generation capacity to the New York Independent System Operator (“NYISO”). The facility was operating at 100% of its rated capacity and supplying this electricity to the NYISO grid.

As noted earlier, Greenidge is able to scale down its cryptocurrency mining operations to minutes in order to more efficiently direct power to the network. Notably, prior to the start of its approved mining operations, the time from start-up to the facility’s maximum production capacity was approximately 14 hours.

The Dresden facility was not restarted as bitcoin mining operation; instead, following a protective decommissioning, the facility was converted from coal to gas and returned to the wholesale energy market in 2017 as a merchant electricity supplier. It continues to send a significant amount of the electricity it generates to the NYISO energy grid, meeting the electricity needs of thousands of homes and businesses.

The facility sends electricity to the NYISO energy grid every day it operates and will continue to send electricity to the grid every day it is operated by Greenidge.

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