123-year-old hydropower plant sees new life in Bitcoin mining – sales 3x higher than sales to the power grid – mining Bitcoin News
On Thursday, local reports from Mechanicville, the city in Saratoga County, New York, said that an old hydroelectric power plant built in 1897 was nearly dismantled, but today the facility is mining bitcoins. The Mechanicville facility is considered one of the oldest renewable energy facilities in the world and now makes “more money with Bitcoin than selling the electricity” on the grid.
Historic hydropower machines from 1897 mine Bitcoin
Mechanicville, New York’s historic neighborhood is home to 18.3 acres of land that is considered to be one of the oldest renewable energy facilities in the world. The Mechanicville hydropower plant was built by the Hudson River Power Transmission Company in 1897 and nearly shut down years ago. The facility is now owned and operated by Albany Engineering Corp (AEC) and the company has signed a contract with National Grid to continue to have access to cheaper renewable energy.
Jim Besha, CEO of AEC, told local reporters that AEC is currently making three times more money than it would sell electricity to National Grid, the multinational electricity and gas company. “We can actually make more money with Bitcoin than selling the electricity to National Grid,” Besha noted in a recent interview. The company makes just $ 0.03 per kilowatt hour (kWh) that it sells electricity to National Grid. Bescha said further:
It’s the best (kind of bitcoin mining) because we use renewable energy. We just do it on the side and experiment with it. We buy used servers.
Albany Engineering Corp converts Bitcoin into cash
The site uses the power house built in 1897, an earth dam and a concrete dam. In addition, the power plant site also uses a 700-foot concrete gravity overflow dam. AEC has invested significant capital and resources in major renovations, and in 1989 the property was listed on the National Register of Historic Places. According to Besha, the AEC CEO is somewhat skeptical of Bitcoin and told the press that the company is converting to cash immediately.
Besha said he would have liked to sell the renewable energy to National Grid, but the multinational electricity and gas company broke an old agreement. AEC had a longstanding legal battle with National Grid, which signed a deal with AEC in 1993. The contract was that the Mechanicville Hydroelectric Plant and AEC would sell electricity to National Grid at prices just below market prices.
However, when Besha was licensed to operate Mechanicville, National Grid called the company and allegedly said, “We’re not going to honor this contract. And if you don’t like it, take it to the judge. ”AEC made the facility 100% operational, but Mechanicville local news reports indicate that the original machines were from the 19th century, until Bitcoin mining changed the trend.
What do you think of the old Mechanicville Hydroelectric Plant that mines bitcoins? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Paul Buckowski / Albany Times Union
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