Bitcoin mining helped save the oldest hydroelectric power station in the United States – Bits Media

Albany Engineering CEO Jim Besha Sr. (Jim Besha Sr) organized Bitcoin mining using renewable electricity, to save what was built 125 years ago hydroelectric power station.

Thanks to the transfer of power to mining, it received a new life. historical object - built in 1897 Mechanicville, the oldest hydroelectric power plant in the United States. Adam Back, head of the cryptocurrency portal blockstream.com, was the first to announce this on Twitter. (Adam Back):

"Enterprise, which was about to be closed, was saved thanks to funding from green mining".

For that part of the hydroelectric station, where the outdated turbines were located, these were really difficult times, speaks
Jim Besha Sr.:  

"Despite, that the hydroelectric power station is operating at full capacity again, it does not bring much profit to the management company Albany Engineering. To preserve Mechanicville as a historic landmark with original equipment from the 1800s, it was decided to use part of the energy to create an additional source of financing - environmentally friendly Bitcoin mining".

Mining is quite flexible, to adapt it to work on any energy source, says Jim Besha Sr.. At the same time, the head of Albany Engineering is skeptical about cryptocurrencies as long-term investments. Therefore, it does not store mined satoshi on a cryptocurrency wallet, and converts them into fiat money weekly. The company plans to use electricity for other environmentally friendly purposes in the near future., eg, for charging electric vehicles.

In September, Australian financial services giant Macquarie Group and Blockstream announced the creation of a test mining facility powered by renewable energy sources.. Argo Blockchain together with DMG Blockchain launched
the first environmentally friendly Bitcoin mining pool Terra Pool. It must use only hydroelectric power. According to researchers from the Center for Alternative Finance at the University of Cambridge and representatives of the IEA, The share of electricity used in Bitcoin mining from renewable sources will increase.