Bitcoin (BTC) Mining Breathes New Life into Mechanicville Hydroelectric Plant, Avoids Closure
Bitcoin (BTC) and its hash mining have been widely criticized for their alleged environmental damage, but the largest cryptocurrency has saved a good renewable energy source at least once. .
Bitcoin (BTC) Saved the Mechanicville Hydroelectric Power Station (1897 I guess!)
In 2021, Bitcoin (BTC) miners have decided to refurbish the technical equipment of Mechanicville Hydroelectric Power Station, one of the oldest power plants of its type in the world and one of the oldest in the United States. decided for the first time.
#bitcoin Saved America’s Oldest Renewable Energy Source 🌊⚡️
— Documentation Bitcoin 📄 (@DocumentingBTC) October 28, 2022
According to the Global Energy Monitor Project, the power station was built and commissioned in 1897 by the Hudson River Power Transmission Company. Its main building has been listed on the National Register of Historic Places.
However, this 4 MW power plant was nearing retirement. But a year ago, its operator, Albany Engineering Corporation, decided to switch its business to Bitcoin (BTC) mining.
According to a statement from AEC CEO Jim Besha, all Bitcoin (BTC) mining equipment installed at the plant was purchased second-hand.
200% surge in profitability
It should be noted that the Mechanicville Hydroelectric Plant has been converted into a Bitcoin (BTC) mining center amid a massive exodus of miners from China sparked by an anti-cryptocurrency witch hunt.
As reported by U.Today, Chinese authorities cracked down on Bitcoin (BTC) miners in Q2 2021. Most of them moved their gear overseas. The United States has listed Kazakhstan, Pakistan, and several exotic destinations as top destinations for these miners.
After starting bitcoin (BTC) mining, the plant’s operations were three times more profitable than before 2021, according to management estimates.