In recent times, the crypto market has been bedeviled with concerns about the environmental impact of Bitcoin mining. This has led to a lot of scrutiny and clampings from regulators around the world.
However, a recent development could lighten the mood of the industry as it has emerged that an ancient hydroelectric power plant in Mechanicville, New York, will be used to mine the leading digital asset.
The power plant has maintained most of its 19th century machinations and as such, it would be unable to generate too much electricity. Regardless of this, Albany Engineering Corp. would be using the little power it generates to mine the flagship crypto asset.
The hydroelectric plant was built in 1892 and had its machines upgraded only once in 1915. The plant was leased to Albany Engineering for 40 years by the national grid who told the firm to “refurbish and operate the plant.”
Per the CEO of the company, Jim Besha Sr, he believes that the engineering firm could make much more through mining Bitcoin from the energy plant than selling it to the national grid. He continued that selling the generated power to the national grid at a rate of $0.03 per kilowatt-hour was minute when the firm could make 3 times more through Bitcoin mining.
Besha went on to state that the firm was going to be practicing the best form of mining as it would be “using renewable energy.” The CEO also revealed that the firm wouldn’t be holding the asset, instead they would be converting the thousandths of a Bitcoin they make each week to cash.