Could we be seeing the future unfold before our very eyes?
According to sources, the Mechanicville Power Station, a historic New York power plant, is now mining crypto using some of the energy which it produces.
This could prove to be a gold mine, and put The United States in a two birds with one stone type of situation.
Energy initiatives can create jobs, provide power, potentially be green, and now they can create both energy and financial assets.
The investment into the energy sector will create more opportunities, and give us back better, more efficient, cleaner, and more secure energy—as well as money, and create a positive feedback loop to create even more investment into energy and crypto.
The potential upside could be massive here, and the geo-strategic consequences can potentially help us build a more secure, prosperous, and energy independent America.
Here is what we currently know:
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2021
Finbold gave us a glimpse into what could be the future:
Mechanicville Power Station (1897), a historical hydroelectric power plant based in New York has resorted to mining Bitcoin with some of the power it produces.
According to the Albany Engineering Corp. CEO Jim Besha, the power plant constructed in 1897 is mining Bitcoin because the venture is more profitable as opposed to selling the extra energy, Timesunion.com reports.
The development comes at a time Bitcoin mining is under scrutiny over the carbon footprint effect. Notably, the debate on Bitcoin’s power consumption partly resulted in the asset’s price plunging by almost 50% from the mid-April all-time high of $64,800.
“China’s swift and sweeping crackdown on #bitcoin mining has pushed owners of small hydroelectric power plants to offload their assets now that demand for cheap power is drying up.”#Bitcoin incentivizes renewable energy. 🌊♻️https://t.co/RyF0Ro6Xhm pic.twitter.com/GknDdEas9o
— Documenting Bitcoin 📄 (@DocumentingBTC) July 5, 2021
Coingape went into more detail:
Albany Engineering Corp., Mechanicville hydro plant’s parent company which is also owned by Besha, earned a total of 3 cents per kilowatt-hour when it sold energy to National Grid. Whereas, mining the decentralized bitcoin, gives them thrice the profit.
Besha has made it clear that the hydropower plant guarantees no loyalty to the crypto community due to the volatile nature of the decentralized currency.
Besha sells 1/1000 bitcoins every week maintains liquidity in his accounts. He aimed to sell sustainable energy to organizations that would further use it as energy instead of producing something else out of that electricity. But for now, Besha is content in his deal with bitcoin miners.
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