Ameren, the utility, was struggling to keep the 1,099 MW power plant running profitably when wholesale electricity prices dropped. Which is why an investor-owned utility has dropped a containerized data center outside a coal-fired power plant 10 miles north of St. Even today - at $40,000 per bitcoin, some 30 percent off its peak - the potential for profit is real. The company, Greenidge Generation, said at one point that they could mine one bitcoin for less than $3,000. In fact, electricity has become such a significant factor that one private equity firm owns a power plant to mine bitcoin. To mine bitcoin, computers across the globe chew through enough electricity to power a medium size country, somewhere on the order of the Netherlands or Poland depending on the estimate. An anonymous reader quotes a report from Ars Technica: Bitcoin's massive power consumption is the cryptocurrency's dirty secret.
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