U.S. Hydroelectric Plant of 1897 Earns 3 Times More With Bitcoin Than Just Selling Electricity
The historic hydroelectric power plant from Mechanicville in New York State (USA) earns 3 times more from bitcoin mining than from selling electricity to a grid company.
The power plant is considered one of the oldest in the United States. It is owned by Albany Engineering Corp (AEC), which rebuilt the facility in 1986.
National Grid, the purchaser, had pledged to buy electricity from AEC for 40 years (until 2026) at preferential rates. However, AEC was licensed to operate independently in 1993 and the relationship with NG has deteriorated since then.
Director Jim Besha Sr. says:
"We think this is the oldest renewable energy facility in the world that's still running. We can actually make more money with Bitcoin than selling the electricity to National Grid."
Besha himself, however, is skeptical about cryptocurrencies and intends to liquidate the asset soon.