he hydroelectric power plant, which began operations in the United States in 1897, now performs completely different functions. According to the Albany Times, the power plant located in the Mechanicville area of New York is currently mining bitcoin.
“We think the world’s oldest operating power plant can generate additional revenue,” said Jim Besha, CEO of Albany Engineering, which owns the power plant.
He said the venture started mining bitcoins with plans to make more money than selling electricity on the National Grid.
The company earns 3 cents per kilowatt-hour from the sale of energy on the National Grid. Basha claims that Bitcoin mining brings in three times as much money.
Highlighting that mining is currently in an experimental stage, the CEO stated that they sold some of the mined coins due to the volatility in the cryptocurrency market.
As you know, Bitcoin mining is an energy-intensive process that requires a lot of powerful hardware. However, there is nothing to worry about when energy comes from renewable sources.
Besha also stresses that mining Bitcoin using renewable energy is the best method for this job.