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Historic Power Plant Decides Mining Bitcoin is More Profitable Than Selling Electricity

Accepted submission by upstart at 2021-07-12 03:21:40
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upstart [soylentnews.org] writes:

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Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricity [tomshardware.com]:

A hydroelectric plant built in 1897 is serving a very different function now. The Albany Times Union reported [timesunion.com] that the Mechanicville, NY plant operated by Albany Engineering Corp. is currently mining Bitcoin with some of the power it produces.

"We think this is the oldest renewable energy facility in the world that’s still running,” Albany Engineering Corp. CEO Jim Besha told the Albany Times Union. He also said the plant "can actually make more money with bitcoin than selling the electricity to National Grid," though, which is why he's taken to mining the cryptocurrency.

Bitcoin mining is an energy-intensive operation that requires a lot of powerful equipment. Criticism of the cryptocurrency's environmental impact [tomshardware.com] has led to renewed pushes for it to be mined using renewable energy sources like this hydroelectric plant in New York or a proposed volcano-powered mine [tomshardware.com] in El Salvador.

Besha doesn't appear to be all-in on Bitcoin, however. "It’s the best [type of bitcoin mining] because we’re using renewable energy," he told the Albany Times Union. "We’re just doing it on the side, experimenting with it. We're buying used servers." (Not that new servers are going to be particularly easy to come by [tomshardware.com] at the moment.)

He's also selling the coins as they're mined because of the crypto market's volatility [tomshardware.com]. This experimentation with Bitcoin, combined with the plant's listing on the National Register of Historic Places and its use of renewable energy, could help set it apart from similar efforts [tomshardware.com] to mine the cryptocurrency in upstate New York.

It's not clear how a bill that would ban cryptocurrency mining in New York [tomshardware.com] would affect Albany Engineering Corp.'s plans—which could be another reason why Besha hasn't fully committed to cryptocurrency mining. That bill, S6486B [nysenate.gov], passed the New York Senate and is now waiting for a vote from the New York Assembly.

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  1. 1Final Fantasy XIV: Endwalker Benchmark Released [tomshardware.com]
  2. 2CPU Benchmarks and Hierarchy 2021: Intel and AMD Processors Ranked [tomshardware.com]
  3. 3How to Clean Install Windows 11, No Product Key Required [tomshardware.com]
  4. 4Elegoo Mars 2 Pro 3D Printer Review: Out Of This World Performance [tomshardware.com]
  5. 5Asus Tinker Board 2S Review: No Competition for Raspberry Pi [tomshardware.com]

Tom's Hardware is part of Future US Inc, an international media group and leading digital publisher. Visit our corporate site [futureplc.com].

© Future US, Inc. 11 West 42nd Street, 15th Floor, New York, NY 10036.

Get instant access to breaking news, in-depth reviews and helpful tips.

Contact me with news and offers from other Future brands No spam, we promise. You can unsubscribe at any time and we'll never share your details without your permission.Most PopularMost Shared

  1. 1Final Fantasy XIV: Endwalker Benchmark Released [tomshardware.com]
  2. 2CPU Benchmarks and Hierarchy 2021: Intel and AMD Processors Ranked [tomshardware.com]
  3. 3How to Clean Install Windows 11, No Product Key Required [tomshardware.com]
  4. 4Elegoo Mars 2 Pro 3D Printer Review: Out Of This World Performance [tomshardware.com]
  5. 5Asus Tinker Board 2S Review: No Competition for Raspberry Pi [tomshardware.com]
  1. 1Final Fantasy XIV: Endwalker Benchmark Released [tomshardware.com]
  2. 2CPU Benchmarks and Hierarchy 2021: Intel and AMD Processors Ranked [tomshardware.com]
  3. 3How to Clean Install Windows 11, No Product Key Required [tomshardware.com]
  4. 4Elegoo Mars 2 Pro 3D Printer Review: Out Of This World Performance [tomshardware.com]
  5. 5Asus Tinker Board 2S Review: No Competition for Raspberry Pi [tomshardware.com]

Tom's Hardware is part of Future US Inc, an international media group and leading digital publisher. Visit our corporate site [futureplc.com].

© Future US, Inc. 11 West 42nd Street, 15th Floor, New York, NY 10036.

Get instant access to breaking news, in-depth reviews and helpful tips.

Contact me with news and offers from other Future brands No spam, we promise. You can unsubscribe at any time and we'll never share your details without your permission.Most PopularMost Shared

  1. 1Final Fantasy XIV: Endwalker Benchmark Released [tomshardware.com]
  2. 2CPU Benchmarks and Hierarchy 2021: Intel and AMD Processors Ranked [tomshardware.com]
  3. 3How to Clean Install Windows 11, No Product Key Required [tomshardware.com]
  4. 4Elegoo Mars 2 Pro 3D Printer Review: Out Of This World Performance [tomshardware.com]
  5. 5Asus Tinker Board 2S Review: No Competition for Raspberry Pi [tomshardware.com]
  1. 1Final Fantasy XIV: Endwalker Benchmark Released [tomshardware.com]
  2. 2CPU Benchmarks and Hierarchy 2021: Intel and AMD Processors Ranked [tomshardware.com]
  3. 3How to Clean Install Windows 11, No Product Key Required [tomshardware.com]
  4. 4Elegoo Mars 2 Pro 3D Printer Review: Out Of This World Performance [tomshardware.com]
  5. 5Asus Tinker Board 2S Review: No Competition for Raspberry Pi [tomshardware.com]

Tom's Hardware is part of Future US Inc, an international media group and leading digital publisher. Visit our corporate site [futureplc.com].

© Future US, Inc. 11 West 42nd Street, 15th Floor, New York, NY 10036.

Get instant access to breaking news, in-depth reviews and helpful tips.

Contact me with news and offers from other Future brands No spam, we promise. You can unsubscribe at any time and we'll never share your details without your permission.Most PopularMost Shared

  1. 1Final Fantasy XIV: Endwalker Benchmark Released [tomshardware.com]
  2. 2CPU Benchmarks and Hierarchy 2021: Intel and AMD Processors Ranked [tomshardware.com]
  3. 3How to Clean Install Windows 11, No Product Key Required [tomshardware.com]
  4. 4Elegoo Mars 2 Pro 3D Printer Review: Out Of This World Performance [tomshardware.com]
  5. 5Asus Tinker Board 2S Review: No Competition for Raspberry Pi [tomshardware.com]
  1. 1Final Fantasy XIV: Endwalker Benchmark Released [tomshardware.com]
  2. 2CPU Benchmarks and Hierarchy 2021: Intel and AMD Processors Ranked [tomshardware.com]
  3. 3How to Clean Install Windows 11, No Product Key Required [tomshardware.com]
  4. 4Elegoo Mars 2 Pro 3D Printer Review: Out Of This World Performance [tomshardware.com]
  5. 5Asus Tinker Board 2S Review: No Competition for Raspberry Pi [tomshardware.com]

Tom's Hardware is part of Future US Inc, an international media group and leading digital publisher. Visit our corporate site [futureplc.com].

© Future US, Inc. 11 West 42nd Street, 15th Floor, New York, NY 10036.

Get instant access to breaking news, in-depth reviews and helpful tips.

Contact me with news and offers from other Future brands No spam, we promise. You can unsubscribe at any time and we'll never share your details without your permission.Most PopularMost Shared

  1. 1Final Fantasy XIV: Endwalker Benchmark Released [tomshardware.com]
  2. 2CPU Benchmarks and Hierarchy 2021: Intel and AMD Processors Ranked [tomshardware.com]
  3. 3How to Clean Install Windows 11, No Product Key Required [tomshardware.com]
  4. 4Elegoo Mars 2 Pro 3D Printer Review: Out Of This World Performance [tomshardware.com]
  5. 5Asus Tinker Board 2S Review: No Competition for Raspberry Pi [tomshardware.com]
  1. 1Final Fantasy XIV: Endwalker Benchmark Released [tomshardware.com]
  2. 2CPU Benchmarks and Hierarchy 2021: Intel and AMD Processors Ranked [tomshardware.com]
  3. 3How to Clean Install Windows 11, No Product Key Required [tomshardware.com]
  4. 4Elegoo Mars 2 Pro 3D Printer Review: Out Of This World Performance [tomshardware.com]
  5. 5Asus Tinker Board 2S Review: No Competition for Raspberry Pi [tomshardware.com]

Tom's Hardware is part of Future US Inc, an international media group and leading digital publisher. Visit our corporate site [futureplc.com].

© Future US, Inc. 11 West 42nd Street, 15th Floor, New York, NY 10036.

Original Submission