Skip to content

Historical New York power plant resorts to mine Bitcoin with excess energy instead of selling it

Mechanicville Power Station Historical New York power plant resorts to mine Bitcoin with excess energy instead of selling it

Mechanicville Power Station, a historical hydroelectric power plant based in New York has resorted to mining Bitcoin with some of the power it produces. 

According to the Albany Engineering Corp. CEO Jim Besha, the power plant constructed in 1897 is mining Bitcoin because the venture is more profitable as opposed to selling the extra energy, reports

The development comes at a time Bitcoin mining is under scrutiny over the carbon footprint effect. Notably, the debate on Bitcoin’s power consumption partly resulted in the asset’s price plunging by almost 50% from the mid-April all-time high of $64,800. 

However, according to Besha, he is not concerned with the debate because they use renewable energy. He noted that the mining is an experiment on the side as they are also deploying used servers.

“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,” said Besha.

The plant’s historical status recently received a nod after being listed on the National Register of Historic Places. Notably, the mined Bitcoin is also sold due to the cryptocurrency market volatility

Furthermore, renewable energy has set the plant apart from the other mining initiatives within the New York upstate area.

New York Bitcoin mining bill

Albany Engineering Corp Bitcoin mining comes in the wake of an existing bill in New York that would outlaw Bitcoin mining due to environmental concerns. It is not clear how the bill will impact the plant’s Bitcoin’s mining operations, considering it uses renewable energy. 

According to the bill, cryptocurrency mining is using more energy than countries like Sweden. However, Bitcoin backers view mining as a clean activity with more operations resorting to renewable energy. 

A majority of the mining activity has been carried out in China in regions with cheaper electricity. However, mining operations have been halted in the country after authorities cited a threat to financial stability.

Related video: Mechanicville Power Station – 1897 (one of the first few 3 phase AC power stations in North America)


Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.