The historic power plant decides that mining Bitcoin is more profitable than selling electricity
A hydroelectric power plant built in 1897 now serves a very different function.Albany Times League Report The Mechanicville plant in New York, operated by Albany Engineering Corp., is currently using part of the electricity it produces to mine bitcoin.
“We think this is the oldest renewable energy facility still in operation in the world,” Albany Engineering CEO Jim Besha told the Albany Times Union. He also stated that the factory “can actually make more money with Bitcoin instead of selling electricity to National Grid,” but that’s why he started mining cryptocurrency.
Bitcoin mining is an energy-intensive operation that requires a lot of powerful equipment.criticism Environmental impact of cryptocurrency Lead to a renewed push to use renewable energy to exploit it, such as this hydroelectric power plant in New York or the proposed Volcano Power Mine In El Salvador.
However, Besha does not seem to be all-in on Bitcoin. “this is the best [type of bitcoin mining] Because we are using renewable energy,” he told Albany Times Alliance. “We are just doing it by the side and experimenting with it. We are buying a second-hand server. “(Not that the new server will Especially easy to get at the moment. )
He also sells these coins because they are mined Volatility in the crypto marketThe Bitcoin experiment, combined with the factory’s listing in the National Register of Historic Places and its use of renewable energy, can help it stand out From similar efforts Mining cryptocurrency in upstate New York.
It’s not clear how the bill Will ban the mining of cryptocurrency in New York Will affect the Albany Engineering Company’s plan-this may be another reason Besha is not fully committed to cryptocurrency mining. That bill, S6486B, Passed the New York Senate and is now awaiting a vote in the New York Assembly.