Bitcoin mining saves another hydroelectric station. It might be easy to believe that Bitcoin rewards green energy. Each day, more concrete examples are revealed. As the Navajo Nation case. Or Hydroelectric PlantCosta Rica. Contrary to China, Bitcoin mining was banned in China. Hydroelectric plants can be installed immediately closed.
Anyway, today we’re talking about the Mechanicville Hydroelectric Plant in New York. Located near de Hudson River’s shore, in the Town of Halfmoon, Saratoga County. The place is listed on the National Register of Historic Places, that’s the main reason it was never torn down. Times Union, the plant is “the oldest continuously operated hydroelectric station in the U.S.” and it “was nearly dismantled.“
— Adam Back (@adam3us) January 16, 2022
“We think this is the oldest renewable energy facility in the world that’s still running,” said Jim Besha Sr., CEO of Albany Engineering Corp.” That company owns the Mechanicville hydroelectric plant. How does this station tie in with Bitcoin mining?
“Despite getting the plant back to full power, there’s not a lot of profit in running a plant that still uses all of the original 1800s machinery. That’s why some of the plant’s energy is now being used to produce bitcoin.
“We can actually make more money with bitcoin than selling the electricity to National Grid,” Besha said.”
You don’t say, Mr. Besha. One would think otherwise.
The Mechanicville Hydroelectric Plant Vs. The World
This hydroelectric plant’s story is full of betrayal, twists, and turns. It had made a commitment for 40 years to purchase power from the National Grid. According to however, The Bitcoin Files substack, the National Grid “reneged on the deal in 1993. A decade of litigation ensued, and Albany Engineering took control in 2003.” What’s a hydroelectric plant to do?
“Converting an outdated hydro plant into a Bitcoin mining is still quite a story, and the local Albany Times Union article from two weeks ago was picked up by Bitcoin publications around the country. Kathleen Moore was the one who reported on the project.
“It’s something they’ve been experimenting with – they want to use their power for green uses like charging electric cars. Their options are very limited at the moment. So they’re adding some Bitcoin mining.”
That’s right. It’s true. While people may have many ideas about what they want to do with their power and the truth is that Bitcoin mining can accommodate all electricity sources, it is the only one flexible enough. In this case, as Besha said Times Union, “It’s the best (type of bitcoin mining) because we’re using renewable energy.”
Besha won’t make it. A chilling revelation is revealed in the same article.
“He converts the thousandths of a bitcoin they make each week to cash, rather than holding onto it. He’s skeptical of bitcoin as a long-term investment; he’s just doing it to bring in cash.”
Let’s hope that, as it usually happens, Bescha’s contact with Bitcoin changes him for the best. Let’s hope he already figured out he’s dealing with the best money ever created, and changing it for lesser money is not the best strategy.
BTC price chart 01/18/2022 on Bitstamp | Source: BTC/USD on TradingView.com
Conclusions and Discussions
Bitcoin mining saved yet another hydroelectric station. Bitcoin rewards the maintenance and creation of hydroelectric plants green energy infrastructure and don’t let anyone tell you otherwise.
Featured Image: Mechanicville Hydrelectric Plant's sign at this substack pole | Charts by TradingView