Bitcoin mining for the old power plant becomes more profitable than selling electricity

    12 Jul 2021

    The Mechanicville, NY plant, an old hydroelectric power plant built in 1897, is now taken to mining Bitcoin using a share of the power produced. It’s an inspiring example of using renewable energy for mining amid criticism over carbon footprint.

    “We think this is the oldest renewable energy facility in the world that’s still running,” told the Albany Times Union Jim Besha, CEO of Albany Engineering Corp., the current operator of the power plant.

    He also said the plant could “actually make more money with Bitcoin than selling the electricity to National Grid.”

    Bitcoin mining is an energy-intensive operation that requires a lot of powerful hardware. Criticism of the environmental impact of cryptocurrency has led to greater efforts to mine it using renewable energy sources like this hydroelectric plant in New York.

    Although, Besha doesn’t seem all focused on Bitcoin mining. “It’s the best because we’re using renewable energy,” he said. “We’re just doing it on the side, experimenting with it. We’re buying used servers.”

    Also, he is selling the coins as they’re mined over the risk of the crypto market’s volatility.

    This old power plant enlisted on the National Register of Historic Places experimenting with Bitcoin could be a sign of the changing times and inspiring example of using renewable energy for crypto mining amid growing criticism over carbon footprint.

    As reported before, Bitcoin mining becomes more profitable, as China’s crackdown against crypto brings a significant part of miners to go offline and is relocating to other countries, like Kazakhstan, India, and the USA.


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