Cloud Mining is the technique of bitcoin mining utilizing a remote datacenter with shared processing energy. One of these cloud mining permits customers to mine bitcoins or different cryptocurrencies without managing the hardware. The mining rigs are housed and maintained in a facility owned by mining firm and the customer simply must register and purchase mining contracts.

Miners entry new bitcoins by solving advanced math problems, a process that requires the use of vitality-intensive computers. To produce the ability needed, Greenidge Technology converted a former coal plant on the shore of Seneca Lake to a gasoline-fired plant in 2017. It began mining at the plant last yr, producing 44 megawatts of electricity, largely to provide its operation, with the surplus bought to the grid.

This analysis used the services of the Canadian Astronomy Data Centre, operated by the Nationwide Research Council of Canada with the support of the Canadian Space Company. Funding for CANFAR was supplied by CANARIE via the Community Enabled Platforms Supporting Digital Organisations program. The author thanks D. Schade, A. Grey and maxim kurbangaleev suex M. Hack for their contributions to this work.