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By Susan Arbetter City of Albany PUBLISHED 7:34 PM ET May. 27, 2021 PUBLISHED 7:34 PM EDT May. 27, 2021
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Last week,
In 2014, Greenidge Generation, owned by Atlas Holdings, took over a formerly defunct coal-fired power plant in Torrey, near Seneca Lake.
Later, Greenidge pivoted to mining cryptocurrency, which needs both fresh water and lots of inexpensive electricity. Upstate New York has both, which may lead to more cryptocurrency mining.
The allure of cryptocurrency is that transactions are instantaneous, secure and very difficult to trace. The most concerning problem with cryptocurrency is that mining it takes terawatts of energy, and thousands of computers running all day and night.