Bitcoin is making headlines once again. It’s been just revealed that Mechanicville Power Station (1897), a historical hydroelectric power plant based in New York, has decided to mine Bitcoin with some of the power it produces.
Finbold.com notes that 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.
Bitcoin mining is under scrutiny
It’s also important to note the fact that the development comes at a time when Bitcoin mining is under scrutiny over the carbon footprint effect.
Another essential element is the fact that the debate on Bitcoin’s power consumption partly resulted in the asset’s price plunging by almost 50% from the mid-April ATH of $64,800.
Besha said that he is not concerned with the debate because they use renewable energy.
He said that the mining is an experiment on the side as they are also deploying used servers.
“It’s the best [type of bitcoin mining] because we’re using renewable energy. We’re just doing it on the side, experimenting with it. We’re buying used servers,” said Besha.
This whole move comes at a time of an existing bill in New York that would outlaw Bitcoin mining due to environmental concerns.
It is not clear how the bill will impact the plant’s Bitcoin’s mining operations, considering it uses renewable energy. Check out the original article in order to learn more details about the whole issue.
Bitcoin in the news
Bitcoin adoption has been one of the main goals that the crypto industry had. There are a lot of moves going on in this direction and they continue.
Check out the latest reports below.
MicroStrategy’s Michael Saylor continues to boost Bitcoin like there’s no tomorrow. Check out his latest tweet that has a lot of followers excited.
— Michael Saylor (@michael_saylor) July 9, 2021