Hydro plant from 1897 earns 3X as much mining BTC as selling power to the grid
An historic renewable energy facility in New York has tripled its profits by mining Bitcoin. New York’s Mechanicville hydroelectric plant — one of the oldest hydropower generation facilities in the United States — is now host to Bitcoin mining.The plant is owned by Albany Engineering Corp (AEC), which was asked to restore it by the National Grid in 1986. Jim Besha Sr., AEC’s chief executive, notes that cryptocurrency mining offers triple the profit margins available from selling electricity back to the grid:“We think this is the oldest renewable energy facility in the world that’s still....
Related News
An old hydro-power station in the U.S. has started mining bitcoin to make three times as much money as selling the energy.
Green energy powers most of Bitcoin mining and the world might as well face it. And the rest of the cryptocurrencies that use Proof-Of-Work might be right behind, because they follow the same incentives. In their quest for cheaper energy sources, they all reach the same conclusion. Humanity is wasting renewable energy all over the world. And wasted energy is the cheapest of them all. In today’s story, a hydropower plant that had to pause operations for nine months found cryptocurrency mining and got the dream client they needed. Reuters gives us the prelude to the story: “The plant was....
On Thursday local reports from Mechanicville, the city located in Saratoga County, New York, say that an old hydroelectric plant constructed back in 1897 was almost dismantled, but today the plant is mining bitcoins. The Mechanicville facility is considered one of the oldest renewable energy plants in the world, and it’s now making “more money with bitcoin than selling the electricity” to the grid. Historical Hydroelectric Machinery From 1897 Mines Bitcoin In the historic district of Mechanicville, New York, there’s an 18.3-acre site that is considered one of the....
The country saw a great influx of miners this year, but it might have to sacrifice the immense tax revenue from Bitcoin miners if power grid issues are not resolved. The exodus of Bitcoin miners from China into Kazakhstan has contributed to an energy crunch that the central Asian country’s president has proposed solving with nuclear energy.Kazakhstan’s Ministry of Energy has attributed the 8% increase in domestic electricity consumption throughout 2021 to Bitcoin miners. The country received at least 87,849 Bitcoin mining machines from Chinese companies so far this year following China’s....
Ukraine’s government-owned nuclear power plant picked a firm to build a massive data center in Rivne for cryptocurrency mining operations. After a bidding process, Energoatom chose Kyiv Energy Construction Company to handle the nuclear plant crypto mining project. Nuclear Power Plant Operator Expects to Launch the Data Center in 2022 According to official documents, the data center will be based in the Rivne nuclear power plant, after the construction firm got 8.92 million Hryvnia ($317,620) in funding. The only competitor in the bidding was Ukrenergobudproek. However, they allegedly....