Mining cryptocurrency at hydropower plants in New York is more profitable than selling electricity

Mining cryptocurrency hydropower plants New York more profitable than selling electricity

The power plant-museum operates with original equipment from the late 19th century.

The hydroelectric power plant, which began operations in the United States in 1897, located in the Mechanicville area of ​​New York, is currently mining bitcoin.

The hydropower plant in Mechaniqueville is currently listed on the US National Register of Historic Places. At the beginning of the 2000s, it underwent restoration and now is a technical museum. At the same time, the station continues to generate electricity using the original equipment of the 19th century, although its capacity is small (5 MW).

“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.

In the 1980s, they wanted to close the hydropower plant, but Albany Engineering Corp rented it for 40 years to create a museum. The total capacity of the hydroelectric power station is five megawatts. The sale of electricity brings in only three cents from each kilowatt-hour, but mining – nine cents. Head of Albany Engineering Corp. Jim Besha decided that it was much more profitable to use the power plant in this way.

Jim Besch believes that it makes no sense to store a cryptocurrency because of its unstable exchange rate, so everything mined is immediately sold on trading resources. In addition, New York is planning to pass a law that completely prohibits the mining of cryptocurrencies in the state.

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