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Long in the Tooth Hydroelectric Plant Rescued by Bitcoin Mining

source-logo  thecoinrepublic.com 19 January 2022 10:00, UTC
  • As per Albany Engineering Corp CEO Jim Besha Sr, it is the oldest renewable power facility globally.
  • More money can be generated through mining bitcoins instead of selling electrical power to national grid.
  • There might be many ideas revolving in people’s minds regarding what can be done with energy, but Bitcoin mining is sufficiently flexible for accommodating any source of electricity.

The Great Rescue

Bitcoin mining came to a rescue for another hydroelectric plant. For those wet behind the ears, narrative saying that Bitcoin boosts green energy may appear convenient. But more robust instances are surfacing every day, such as Navajo Nation Case, or a case regarding Costa Rica’s hydroelectric Plant. Likewise, China swept aside some hydroelectric plants and Bitcoin mining with its big panda paw and went up for sale.

We are discussing the Mechanicville Hydroelectric Plant based in New York, located close to the shore of Hudson River in Halfmoon, Saratoga County. Region is enlisted in National Register of Historic Places, prime cause the Hydroelectric Plant is still standing. As per a news agency, it is oldest, constantly functional station for hydroelectricity in United States, and was almost demolished.

this plant should become a #bitcoin museum of the start of a trend – #bitcoin funded green power expansion, in this case preserving green power about to be closed! https://t.co/814CJCy8pV

— Adam Back (@adam3us) January 16, 2022

Jim Besha Sr, Albany Engineering Corp Chief Executive Officer, thinks it is the oldest renewable power facility on the globe and is still operational. Jim’s organization possesses Mechanicville hydroelectric plant. But how is it related to bitcoin mining?

Even after pushing Plant to its full potential, there will not be much profitability in operating a plant utilizing ancient machinery. This is the reason for utilizing Plant’s power to mine Bitcoin.

Bitcoin can generate more profit through bitcoin instead of selling energy to National Grid.

The Plant Against The World

Mechanicville’s story is filled with turns, treachery, and twists. National Grid committed for forty years to purchase energy from it. As per substack of a website, National Grid got back on agreement back in 1993, a decade long ensue, and Albany Engineering overrode the Plant in 2003. But again, what does a hydroelectric plant have to do with it?

Transforming an ancient hydroelectricity plant into a Bitcoin mine is an interesting journey. An article written by a domestic news agency got picked by publication of Bitcoin around nation.

It is something, organization is experimenting with. They want to utilize the energy for green use cases such as charging electric vehicles. But choices are restricted as of now, so Bitcoin mining is what they are choosing.

There might be ideas in heads of folks regarding utilization of their energy. Still, people can’t avoid the fact that mining Bitcoin is dynamic enough to accommodate any electricity source.

But there’s a twist in the story that folks may not like. Besha converts a thousandth fraction of Bitcoin into cash instead of holding it. He is doubtful regarding investing in bitcoin for a lengthy time span. 

As of this writing, Bitcoin was dominating the market with a market capitalization of $41,893.64, down by 2.05% in the past 24 hours.