Whenever you talk about getting rich, you think about accumulating. In history, the goldsmiths who worked with gold, silver and precious jewels were richer than the owners of rare emtals and rare precious stones.
Likewise, regardless of what the movies would have you believe, blacksmiths were rich people, as they had the means to build swords, armor, and metalwork.
To mine bitcoin, companies that deal with power generation get richer, which, unlike China, which bans mines, in the rest of the world surcharges on mining activity.
Conclusion everyone wins but, even more, the power generators, which make cryptomines always dependent on them!
Well, a hydroelectric plant, built in 1897, decided to take on a modern look and follow new paths.
Operated by Albany Engineering Corp, it started mining Bitcoin with some of the energy it produces for profit.
According to Albany, mining cryptocurrency is more profitable than selling electricity to the surrounding area.
Notably, bitcoin mining is an energy-intensive operation, as well as requiring a powerful set of hardware.
Currently, the practice has received criticism about its environmental impact, which has led to the search for cryptocurrency mining based on renewable energy sources. However, the deal seems to be worth it for the centenary plant.
The gain of $3 cents per kilowatt-hour by Albany Engineering Corp. when it sells energy to the National Coordinated Electric Power System is three times less than the gain from bitcoin mining.
Jim Besha, CEO of Albany Engineering Corp, told the Albany Times Union that the Mechanicville plant is the oldest US renewable energy facility still in operation.
He also believes the plant "can actually make more money off bitcoin than it can sell electricity," so he started mining the cryptocurrency. However, the executive did not reveal total mining figures.
Albany Engineering mines bitcoins at a plant in NYAlbany Engineering mines bitcoins at a plant in NY, being the company's own source of information on its website.
They further claim: "We are doing this in parallel, just experimenting... We are buying used servers," he said.
It is worth remembering that, having a century of life, the plant has already lost its market value, that is, it no longer owes anything to anyone. Owners do not expect more viable returns, which makes the dam much more profitable, proportionately.
Besha also said she converts the thousandths of bitcoin they earn each week into cash due to the volatility in the currency's value.
It is worth noting that, according to the newspaper, Albany cannot confirm that the plant has been in continuous operation since it was built.
But the facility is now working, after years of rebuilding a dam that was abandoned by the nationally coordinated system.
And despite putting it back to full power, there's not much profit.
The hydroelectric plant still uses all the original 19th century machines.
That's why some of the energy goes into bitcoin mining.
In fact, these mines are actually renewable which makes their bitcoin trading viable without the high-consumption talk.
So, do you want to build a hydroelectric plant?
About green future of bitcoin: https://www.publish0x.com/rationality-emotionality-and-financial-markets/bitcoin-and-society-gold-or-green-what-color-of-the-future-xyypxkv
About sustentability: https://www.publish0x.com/rationality-emotionality-and-financial-markets/international-environment-day-long-live-the-crypto-coins-xqmnnej
About nature of things: https://www.publish0x.com/rationality-emotionality-and-financial-markets/of-the-nature-of-things-xwwnygl
