Bitcoin (BTC) mining injected new life into Mechanicville Hydroelectric Plant and saved it from being shut down
While bitcoin (BTC) and its hash mining are widely criticized for their perceived harm to the environment, the largest cryptocurrency has at least once been an excellent renewable energy source.
Bitcoin (BTC) saved Mechanicville Hydroelectric Plant (est. 1897!)
In 2021, Bitcoin (BTC) miners for the first time decided to renovate the technical equipment of the Mechanicville Hydroelectric Plant, one of the oldest plants of this type globally and the oldest one in the United States.
According to the Global Energy Monitor project, the plant was built and launched in 1897 by the Hudson River Power Transmission Company. Its main building was nominated for inclusion in the US National Register of Historic Places.
However, this 4 MW plant was close to being decommissioned. But a year ago, its operator, Albany Engineering Corporation, decided to switch its business toward 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.
Profitability spiked by 200%
It should be noted that the Mechanicville Hydroelectric Plant was converted to a Bitcoin (BTC) mining center amid a great exodus of miners from China triggered by an anti-crypto witch hunt.
As U.Today reports, in the second quarter of 2021, Chinese authorities cracked down on bitcoin (BTC) miners: most of them moved their gear overseas. The United States listed Kazakhstan, Pakistan, and some foreign sites as top destinations for those miners.
After launching Bitcoin (BTC) mining, the plant’s operations became 3x as profitable as they were before 2021, as per estimations of its management.
