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New York Hydro Power Plant Mines Bitcoin Because More Profitable Than Selling Electricity...

• by Tyler Durden

Tesla CEO Elon Musk pushed bitcoin's environmental concerns into the forefront, calling for "renewable energy" to be used for mining instead of fossil fuels. It's no secret that bitcoin mining takes a massive amount of electricity. It's estimated that energy consumption exceeds the power consumption of countries like the Netherlands and the UAE. 

With the push towards ESG-Friendly bitcoin mining operations, there's one historic hydroelectric plant near Albany, New York, using power generated from its massive water turbines to mine crypto. 

"We think this is the oldest renewable energy facility in the world that's still running," Albany Engineering Corp. CEO Jim Besha told the Times Union.

He said the plant "could actually make more money with bitcoin than selling the electricity to National Grid.

Albany Engineering Corp. receives around 3 cents per kilowatt-hour when it sells energy to National Grid. Mining bitcoin makes about three times the amount of money, Besha said.