One of the highly anticipated and skeptical topics still in discussions profusely over the entire crypto industry is mining. Many concerns regulations are cornering the crypto mining evidently in many parts of the world, under the overall crypto regulations. In spite of all this, Bitcoin (BTC) mining is the worst affected of all.
Amidst all this, New York plans to start Bitcoin (BTC) mining with the surplus energy from one of its oldest ever hydroelectric power stations.
Mechanicville Power Plant’s BTC Mining
The Mechanicville Power Plant is the world’s oldest power plant still under operation. The Mechanicville is in fact a completely hydroelectric power plant built on the first generation of 3 phase Alternating current power.
An astonishing fact is that it still produces a maximum power output of about 5250KW. Apart from all this, it’s a renowned historical place flocking about more than 1000 tourists per day.
Since time, the excess surplus energy produced by the power plant was actively sold out. But, now the Albany Engineering Corporation has got different plans though. The firm plans to mine Bitcoin (BTC) now with its surplus energy produced.
In addition, the firm reported that BTC mining would be eventually many times more profitable compared to selling the surplus energy produced.
Moreover, the firm’s CEO, Jim Besha states regardless of all the debates upon BTC mining and against it. In addition, he says they intend to use only renewable forms of energy.
However, they are solid upon their plans in mining BTC. Also, Besha further adds they have sourced used servers to propagate initial BTC mining experiments and tests.
The Restrictions Though
The recent studies and proven codes upon the massive carbon footprints left over by the BTC mining raised extreme debates over its mining activities. Furthermore, the debate on whether to either continue or stop BTC mining has recently made BTC suffer, plunging down nearly to half the price from its all-time ever high of $64,800.
However, the recent bill under which is to be passed soon in New York, against probable BTC mining activities may be a concern for the mining plans of the Mechanicville Power Plant.
Accordingly, the probable attribute termed in the bill is that cryptocurrency mining is using extreme power consumption, even more than the overall electricity consumption of countries like Sweden.
On the other hand, those optimists on crypto mining, the debate that mining is a completely healthy and fruitful operation when done using renewable sources of energy.
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