Owners of 120-year-old hydroelectric plant boost profits through Bitcoin mining

Located in Mechanicville, New York, Albany Engineering Corp’s (AEC) hydroelectric plant yields Bitcoin mining profits three times higher than revenue from selling electricity, according to the Times Union.

The facility was built in 1897 and modernised in 1986.

“This is the oldest operating renewable energy facility in the world. But we can earn more from Bitcoin mining than from selling electricity into the Unified Energy System,” — said Jim Beha Sr., executive director of AEC.

According to the executive, years-long litigation with the grid operator over tariffs forced the company to consider alternative revenue streams. Beha Sr. is skeptical about the long-term prospects of cryptocurrency, so he liquidates coins as they come in.

After gaining operating independence in 2003, AEC was able to sell electricity at market rates. But the company does not abandon Bitcoin mining, which is more profitable than its core business.

In 2018, the Bitriver data-centre operator launched cryptocurrency mining at the Bratsk Hydroelectric Station.

In April 2021, the company issued the BTR token, whose price is pegged to the annual cost of 1 W of electricity. Trading of the asset is conducted on Bithumb Global.

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