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Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricity

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Flint 1760
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2021/07/09 09:42:36 (permalink)
Tom’s Hardware - Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricity
 
“A hydroelectric plant built in 1897 is serving a very different function now. The Mechanicville, NY plant operated by Albany Engineering Corp. is currently mining Bitcoin with some of the power it produces.
 
CEO Jim Besha said the plant "can actually make more money with bitcoin than selling the electricity to National Grid," though, which is why he's taken to mining the cryptocurrency.
 
Besha doesn't appear to be all-in on Bitcoin, however. "We’re just doing it on the side, experimenting with it. We're buying used servers."  He's also selling the coins as they're mined because of the crypto market's volatility.”
 
The interesting take on this is that the plant makes more money mining than selling the electricity. 


#1

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    Sajin
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/07/09 12:38:17 (permalink)
    🤦‍♀️


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    kram36
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/07/10 07:03:41 (permalink)
    Flint 1760
    Tom’s Hardware - Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricity
     
    “A hydroelectric plant built in 1897 is serving a very different function now. The Mechanicville, NY plant operated by Albany Engineering Corp. is currently mining Bitcoin with some of the power it produces.
     
    CEO Jim Besha said the plant "can actually make more money with bitcoin than selling the electricity to National Grid," though, which is why he's taken to mining the cryptocurrency.
     
    Besha doesn't appear to be all-in on Bitcoin, however. "We’re just doing it on the side, experimenting with it. We're buying used servers."  He's also selling the coins as they're mined because of the crypto market's volatility.”
     
    The interesting take on this is that the plant makes more money mining than selling the electricity. 


    I don't what they are mining, but it's not Bitcoin. Servers do not mine Bitcoin. Only way to mine Bitcoin is to buy ASIC unit that mines Bitcoin.
    #3
    Flint 1760
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/07/10 07:34:47 (permalink)
    I think the use of the word "servers" is just someone who threw the word out. 
     
    Here is a link to the original newspaper article https://www.timesunion.com/news/article/Mechanicville-hydro-plant-gets-new-life-16299115.php.


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    Nereus
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/07/10 12:49:13 (permalink)
     
    Kind of surprising for NY - as a paying consumer of residential electricity in NYC myself, it sure isn't cheap.
     


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    Flint 1760
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/07/10 13:04:59 (permalink)
    The original newspaper article seems to imply that they are using the mining to help with the restoration of the historical plant and to keep it in operation.


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    bigg_ed
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/07/17 06:57:45 (permalink)
    so bad for the environment
    #7
    Flint 1760
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/07/17 08:19:11 (permalink)
    bigg_ed
    so bad for the environment



    It is a hydro electric plant that has been in operation since 1897.


    #8
    Cazer
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/07/17 13:33:04 (permalink)
    True..



     
                                                  
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    revollucian
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/07/20 09:00:38 (permalink)
    This is da way


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    revollucian
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/07/20 09:10:02 (permalink)
    This is da way


    #11
    Hypodermics
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/07/23 15:56:51 (permalink)
    Nereus
     
    Kind of surprising for NY - as a paying consumer of residential electricity in NYC myself, it sure isn't cheap.
     




    Electricity is cheapish, It's the fees con-ed adds that make the bill expensive. A power company gets none of the fees 


    #12
    markedpk
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/07/24 15:01:53 (permalink)
    They out here playing 4D chess
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    cryptomasters
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/07/30 22:38:55 (permalink)
    Well thats sad
    #14
    Chabbert
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/08/01 00:40:31 (permalink)
    As far as power sources go for crypto mining this is about the ideal situation tbh. Given that this is an already long established dam that in all likelyhood does not meet anywhere near the output of a modern gen plant it makes a lot of sense imo, good on em.

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    #15
    rjohnson11
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/08/01 01:33:39 (permalink)
    Power plants that use coal need to be shut down. 

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    Flint 1760
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/08/01 03:59:14 (permalink)
    The PRC relies heavily on coal fired power plants, they will never shut them down.
     
    Source:  https://www.reuters.com/article/us-china-coal/chinas-new-coal-power-plant-capacity-in-2020-more-than-three-times-rest-of-worlds-study-idUSKBN2A308U


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    kram36
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/08/01 06:24:09 (permalink)
    rjohnson11
    Power plants that use coal need to be shut down. 


    Why?
     
    https://www.instituteforenergyresearch.org/uncategorized/cleaned-coal-clean-air-facts-air-quality-coal-fired-power-plants/
    #18
    XrayMan
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/08/01 15:53:32 (permalink)
     
    A lot of jobs lost too.

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    #19
    rjohnson11
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/08/02 02:41:45 (permalink)
    kram36
    rjohnson11
    Power plants that use coal need to be shut down. 


    Why?
     
    https://www.instituteforenergyresearch.org/uncategorized/cleaned-coal-clean-air-facts-air-quality-coal-fired-power-plants/


    A majority of coal burning plants in developing countries do not have updated plants to reduce CO2 emissions.

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    kram36
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    Re: Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricit 2021/08/03 09:10:36 (permalink)
    rjohnson11
    kram36
    rjohnson11
    Power plants that use coal need to be shut down. 


    Why?
     
    https://www.instituteforenergyresearch.org/uncategorized/cleaned-coal-clean-air-facts-air-quality-coal-fired-power-plants/


    A majority of coal burning plants in developing countries do not have updated plants to reduce CO2 emissions.


    Do you have proof on that claim?
    #21
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