{"id":481344,"date":"2022-01-18T03:05:03","date_gmt":"2022-01-18T03:05:03","guid":{"rendered":"https:\/\/wncen.com\/?p=481344"},"modified":"2024-06-11T14:10:42","modified_gmt":"2024-06-11T14:10:42","slug":"green-energy-in-ny-bitcoin-mining-saved-the-oldest-working-hydroelectric-plant","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/green-energy-in-ny-bitcoin-mining-saved-the-oldest-working-hydroelectric-plant\/","title":{"rendered":"Green Energy: In NY, Bitcoin Mining Saved The Oldest Working Hydroelectric Plant"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Another day, another hydroelectric plant saved by Bitcoin mining. For the untrained eye, the narrative that says that Bitcoin incentivizes green energy might seem convenient. However, each day more concrete examples come to light. Like the<\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/navajo-nation-mining-sustainable\/\"><span style=\"font-weight: 400\"> Navajo Nation case<\/span><\/a><span style=\"font-weight: 400\">. Or <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/more-green-energy-crypto-mining-saves-a-hydro-power-plant-in-costa-rica\/\"><span style=\"font-weight: 400\">this hydroelectric plant<\/span><\/a><span style=\"font-weight: 400\"> in Costa Rica. In contrast, China banned Bitcoin mining and <\/span><a href=\"https:\/\/wncen.com\/news\/china-banned-bitcoin-mining-what-happens-to-small-hydropower-stations-now\/\"><span style=\"font-weight: 400\">some hydroelectric plants immediately<\/span><\/a><span style=\"font-weight: 400\"> closed and went up for sale.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Anyway, today we\u2019re talking about the Mechanicville Hydroelectric Plant in New York. Located near de Hudson River\u2019s shore, in the Town of Halfmoon, Saratoga County. The place is listed on the National Register of Historic Places, that\u2019s the main reason it was never torn down. <\/span><a href=\"https:\/\/www.timesunion.com\/news\/article\/Mechanicville-hydro-plant-gets-new-life-16299115.php\" rel=\"nofollow\"><span style=\"font-weight: 400\">According to Times Union<\/span><\/a><span style=\"font-weight: 400\">, the plant is \u201cthe oldest continuously operated hydroelectric station in the U.S.\u201d and it \u201cwas nearly dismantled.\u201c<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">this plant should become a <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> museum of the start of a trend &#8211; <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> funded green power expansion, in this case preserving green power about to be closed! <a href=\"https:\/\/t.co\/814CJCy8pV\" rel=\"nofollow\">https:\/\/t.co\/814CJCy8pV<\/a><\/p>\n<p>&mdash; Adam Back (@adam3us) <a href=\"https:\/\/twitter.com\/adam3us\/status\/92384515?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">\u201cWe think this is the oldest renewable energy facility in the world that\u2019s still running,\u201d said Jim Besha Sr., CEO of Albany Engineering Corp.\u201d That company owns the Mechanicville hydroelectric plant. And how does the station relate to Bitcoin mining?<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cDespite getting the plant back to full power, there&#8217;s not a lot of profit in running a plant that still uses all of the original 1800s machinery. That&#8217;s why some of the plant&#8217;s energy is now being used to produce bitcoin.<\/span><\/p>\n<p><span style=\"font-weight: 400\">&#8220;We can actually make more money with bitcoin than selling the electricity to National Grid,&#8221; Besha said.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">You don\u2019t say, Mr. Besha. Who would have thought?<\/span><\/p>\n<h2><span style=\"font-weight: 400\">The Mechanicville Hydroelectric Plant Vs. The World<\/span><\/h2>\n<p><span style=\"font-weight: 400\">This hydroelectric plant\u2019s story is full of betrayal, twists, and turns. The National Grid had a 40-year commitment to buy power from it. However, according <\/span><a href=\"https:\/\/thebitcoinfiles.substack.com\/p\/worlds-oldest-working-hydro-plant\" rel=\"nofollow\"><span style=\"font-weight: 400\">to The Bitcoin Files<\/span><\/a><span style=\"font-weight: 400\"> substack, the National Grid \u201creneged on the deal in 1993. A decade of litigation ensued, and Albany Engineering took control in 2003.\u201d What\u2019s a hydroelectric plant to do?\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cConverting an outdated hydro plant into a Bitcoin mining is still quite a story, and the local Albany Times Union article from two weeks ago was picked up by Bitcoin publications around the country. Kathleen Moore, who wrote the story on the plant, told me,<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cIt\u2019s something they\u2019ve been experimenting with &#8211; they want to use their power for green uses like charging electric cars. But for now, their choices are limited. So they\u2019re adding some Bitcoin mining.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">That\u2019s right. People might have all kinds of ideas of what it wants to do with their power, but the fact of the matter is that only Bitcoin mining is flexible enough to accommodate any electricity source. In this case, as Besha told Times Union, \u201cIt\u2019s the best (type of bitcoin mining) because we\u2019re using renewable energy.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">Sadly, Besha is not going to make it. In that same article, a chilling revelation spoils the party:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cHe converts the thousandths of a bitcoin they make each week to cash, rather than holding onto it. He\u2019s skeptical of bitcoin as a long-term investment; he\u2019s just doing it to bring in cash.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Let\u2019s hope that, as it usually happens, Bescha\u2019s contact with Bitcoin changes him for the best. Let\u2019s hope he already figured out he\u2019s dealing with the best money ever created, and changing it for lesser money is not the best strategy.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-481346 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/BTCUSD_2022-01-17_23-53-15.png?resize=460%2C257\" alt=\"BTCUSD price chart for 01\/17\/2022 - TradingView\" width=\"460\" height=\"257\"><\/p>\n<pre style=\"text-align: center\">BTC price chart 01\/18\/2022 on Bitstamp | Source: BTC\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">Conclusions And Discussions<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In any case, another hydroelectric plant saved by Bitcoin mining will always be cause for celebration. Bitcoin incentivizes the creation and maintenance of <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-incentivizes-green-energy-infrastructure-and-elon-agrees-heres-proof\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">green energy infrastructure<\/span><\/a><span style=\"font-weight: 400\"> and don\u2019t let anyone tell you otherwise.<\/span><\/p>\n<pre style=\"text-align: center\">Featured Image: Mechanicville Hydroelectric Plant's sign from <a href=\"https:\/\/thebitcoinfiles.substack.com\/p\/worlds-oldest-working-hydro-plant\" rel=\"nofollow\">this substack post<\/a> | Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Another day, another hydroelectric plant saved by Bitcoin mining. For the untrained eye, the narrative that says that Bitcoin incentivizes green energy might seem convenient. However, each day more concrete examples come to light. Like the Navajo Nation case. Or this hydroelectric plant in Costa Rica. In contrast, China banned Bitcoin mining and some hydroelectric plants immediately closed and went up for sale. Anyway, today we\u2019re talking about the Mechanicville Hydroelectric Plant in New York. Located near de Hudson River\u2019s shore, in the Town of Halfmoon, Saratoga County. The place is listed on the National Register of Historic Places, that\u2019s the main reason it was never torn down. According to Times Union, the plant is \u201cthe oldest continuously operated hydroelectric station in the U.S.\u201d and it \u201cwas nearly dismantled.\u201c this plant should become a #bitcoin museum of the start of a trend &#8211; #bitcoin funded green power expansion, in this case preserving green power about to be closed! https:\/\/t.co\/814CJCy8pV &mdash; Adam Back (@adam3us) January 16, 2022 \u201cWe think this is the oldest renewable energy facility in the world that\u2019s still running,\u201d said Jim Besha Sr., CEO of Albany Engineering Corp.\u201d That company owns the Mechanicville hydroelectric plant. And how does the station relate to Bitcoin mining? \u201cDespite getting the plant back to full power, there&#8217;s not a lot of profit in running a plant that still uses all of the original 1800s machinery. That&#8217;s why some of the plant&#8217;s energy is now being used to produce bitcoin. &#8220;We can actually make more money with bitcoin than selling the electricity to National Grid,&#8221; Besha said.\u201d You don\u2019t say, Mr. Besha. Who would have thought? The Mechanicville Hydroelectric Plant Vs. The World This hydroelectric plant\u2019s story is full of betrayal, twists, and turns. The National Grid had a 40-year commitment to buy power from it. However, according to The Bitcoin Files substack, the National Grid \u201creneged on the deal in 1993. A decade of litigation ensued, and Albany Engineering took control in 2003.\u201d What\u2019s a hydroelectric plant to do?\u00a0 \u201cConverting an outdated hydro plant into a Bitcoin mining is still quite a story, and the local Albany Times Union article from two weeks ago was picked up by Bitcoin publications around the country. Kathleen Moore, who wrote the story on the plant, told me, \u201cIt\u2019s something they\u2019ve been experimenting with &#8211; they want to use their power for green uses like charging electric cars. But for now, their choices are limited. So they\u2019re adding some Bitcoin mining.\u201d That\u2019s right. People might have all kinds of ideas of what it wants to do with their power, but the fact of the matter is that only Bitcoin mining is flexible enough to accommodate any electricity source. In this case, as Besha told Times Union, \u201cIt\u2019s the best (type of bitcoin mining) because we\u2019re using renewable energy.\u201d Sadly, Besha is not going to make it. In that same article, a chilling revelation spoils the party: \u201cHe converts the thousandths of a bitcoin they make each week to cash, rather than holding onto it. He\u2019s skeptical of bitcoin as a long-term investment; he\u2019s just doing it to bring in cash.\u201d Let\u2019s hope that, as it usually happens, Bescha\u2019s contact with Bitcoin changes him for the best. Let\u2019s hope he already figured out he\u2019s dealing with the best money ever created, and changing it for lesser money is not the best strategy.\u00a0 BTC price chart 01\/18\/2022 on Bitstamp | Source: BTC\/USD on TradingView.com Conclusions And Discussions In any case, another hydroelectric plant saved by Bitcoin mining will always be cause for celebration. Bitcoin incentivizes the creation and maintenance of green energy infrastructure and don\u2019t let anyone tell you otherwise. Featured Image: Mechanicville Hydroelectric Plant&#8217;s sign from this substack post | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":481345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[85211,85208,85215,640,85214,85209,85206,85207,85210,85205,85212,85213],"class_list":["post-481344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-albany-engineering-corp","tag-bitcoin-incentivizes-green-energy","tag-bitcoin-incentivizes-the-creation-and-maintenance-of-green-energy-infrastructure","tag-bitcoin-mining","tag-cause-for-celebration","tag-hudson-river","tag-hydroelectric-plant","tag-hydroelectric-station","tag-jim-besha-sr","tag-mechanicville-hydroelectric-plant","tag-national-grid","tag-only-bitcoin-mining-is-flexible-enough"],"acf":[],"yoast_head":"\n<title>Green Energy: In NY, Bitcoin Mining Saved The Oldest Working Hydroelectric Plant<\/title>\n<meta name=\"description\" content=\"Another day, another hydroelectric plant saved by Bitcoin mining. 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