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  • Post published:21/07/2021
  • Post last modified:21/07/2021

A hydroelectric plant that’s more than a century old is looking into mining Bitcoin.

Originally built back in 1897 and recently modernized, the Mechanicville Hydroelectric Plant in Saratoga County, New York is being equipped with used servers so the plant’s owner, the Albany Engineering Corp., can experiment with cryptocurrency mining.

Jim Besha Sr., chief executive officer of the corporation, said that they earn 3 centers for every kilowatt-hour sold to National Grid. But with mining Bitcoin, they can earn three times more. Once mined, the plant will immediately sell the coins due to the volatile nature of the cryptocurrency. A bitcoin in today’s exchange is worth $33,000.

However, their ability to mine Bitcoin may be short-lived, as New York may pass a bill to ban cryptocurrency mining because of environmental concerns.

Similarly, per a Wall Street Journal report, other power plants all over the world have been modified or even entirely repurposed to mine cryptocurrency, including decrepit, pollution-heavy power plants.

Via: Times Union

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