Historic Power Plant Decides Mining Bitcoin is More Profitable Than Selling Electricity

upstart writes:

Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricity:

A hydroelectric plant built in 1897 is serving a very different function now. The Albany Times Union reported that the Mechanicville, NY plant operated by Albany Engineering Corp. is currently mining Bitcoin with some of the power it produces.

"We think this is the oldest renewable energy facility in the world that's still running," Albany Engineering Corp. CEO Jim Besha told the Albany Times Union. He also said the plant "can actually make more money with bitcoin than selling the electricity to National Grid," though, which is why he's taken to mining the cryptocurrency.

Bitcoin mining is an energy-intensive operation that requires a lot of powerful equipment. Criticism of the cryptocurrency's environmental impact has led to renewed pushes for it to be mined using renewable energy sources like this hydroelectric plant in New York or a proposed volcano-powered mine in El Salvador.

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