An Updated Look at Energy Companies’ Bitcoin Mining Entry

One of the most notable trends in the North American crypto mining industry since 2021 is the increasing number of companies with deep energy backgrounds that have entered the bitcoin mining business. 

The first known instance of a power plant in North America that pivoted into self-mining bitcoin could date back to early 2020 when New York-based Greenidge Generation announced that it commenced a mining operation that was producing around 5.5 bitcoins a day, at the time, by using some of its natural gas resources. Greenidge’s story was an early case study on how energy companies could tap into bitcoin mining to rejuvenate their previously troubled energy business line.