New York Hydroelectric Plant Switches To Bitcoin Mining
Last Updated on 11 July 2021 by CryptoTips.eu
When Democrat Eric Adams claimed that New York would become the center of Bitcoin and would thus rival Miami, where mayor Suarez earlier this year organized a very well attended crypto conference, he wasn’t kidding. Now that Adams has won the Democratic primary for the mayoral position of the US’s biggest city, the first changes are indeed already remarkable for the cryptosphere.
Eric Adams has won the Democratic primary in New York City’s mayoral race. Now set to become the favorite to win the general, he will be the latest #Bitcoin Mayor, pledging to help the city “become the center of #Bitcoin”
— Documenting Bitcoin 📄 (@DocumentingBTC) July 7, 2021
pic.twitter.com/Eg4GlWhTTd
As such, the Albany Times Union newspaper reported that the Mechanicville, New York hydroelectric plant (aka renewable and thus green energy), has switched from selling electricity to citizens to mining Bitcoin. Not for all the power it produces of course, this would leave the Big Apple with a hole in its electricity grid, but at least some of the green energy is now directed towards mining crypto.
Diversification portfolio
Albany Engineering Corporation CEO Jim Besha explained that the plant:
Can actually make more money with bitcoin than selling the electricity to National Grid. We think this is the oldest renewable energy facility in the world that’s still running.
𝗔𝗹𝗯𝗮𝗻𝘆 𝗘𝗻𝗴𝗶𝗻𝗲𝗲𝗿𝗶𝗻𝗴 𝗖𝗼𝗿𝗽 makes three times as much producing #bitcoin than selling to the National Grid, so they'll use energy from a historically-preserved hydroelectric power plant in Mechanicville to mine $BTC.
— BeInCrypto (@beincrypto) July 9, 2021
👇Full article here:https://t.co/G45BLD1ckC
The CEO is not sure whether or not to go all in on Bitcoin though, and keeps his options open to mine for other crypto as well. He stated:
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.
Elon Musk, the Tesla CEO, promised he would continue buying Bitcoin for his companies if more green energy could be used. Looks like New York is doing just that.
