- The oldest Hydropower station is Mining Bitcoin (BTC).
- Bitcoin (BTC) mining gives them thrice the profit.
- Besha aimed to sell sustainable energy to organizations.
The oldest hydropower generation facility, Mechanicville hydro plant. It was built in the year 1897, became a legendary milestone in the history of sustainable energy after beginning Bitcoin (BTC) mining.
Accordingly, the hydro plant remains idle for a certain period of time due to old machinery. After liberal input of time, money, and other resources, the plant is officially in a condition to function.
Furthermore, the hydro plant was owned by Albany Engineering Corp (AEC). The CEO of AEC, Lim Besha Sr., stated that cryptocurrency mining offers thrice profit margins compared to selling electricity back to the grid. Earned a total of 3 cents per kilowatt-hour when it sold energy to the National grid. But it was very less in compared to bitcoin mining because it gives them thrice the profit.
AEC is not the first company to repurpose a landmark of modern industry to generate cryptocurrency. Additionally, Besha also owns, Albany Engineering Corp., Mechanicville hydro plant’s parent company.
Henceforth, the CEO of AEC said, he is content to dissolve the Bitcoin (BTC) as it comes in, expressing distrust regarding the digital asset’s longer-term potential.
More so, Besha has made it clear that the hydropower plant guarantees no loyalty to the crypto platform due to the volatile nature of the decentralized currency. He sells 1/1000 bitcoins every week maintains liquidity in his accounts. Also, he aimed to sell sustainable energy to organizations that would use it as energy despite producing something else out of that electricity.
Even more, Besha noted,
“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”.