By Hassan Mehmood (Saudi Arabia)
For crypto miners, the better options are places like Texas, where abundant energy resources allow them to settle down for more extended periods. However, New York political leadership has recently expressed grave concerns about crypto mining’s impact on energy consumption. All these obstacles did not stop Mechanicville Power Station (MPS) from jumping on the Bitcoin bandwagon.
The MPS was established in 1897, and it is currently under the care of Albany Engineering Corporation. CEO Jim Besha told Timesunion that Bitcoin mining is more profitable than selling the excess energy to different companies. The recent crackdown in China has coerced crypto miners to look for other destinations. Many USA power plants have signed up contracts.
In the past few months, New York politicians have sparked a debate about the harmful impact of crypto mining and the large carbon footprint that it leaves behind. Several Bitcoin miners support the idea that Bitcoin is many times cleaner than the decentralized monetary infrastructures. However, it cannot save Bitcoin price from plummeting to 50% lower in comparison to the mid-April levels of $64,800.
Besha told the media that he is not concerned with the energy exploitation debate because the plant uses only renewable energy. He further added that crypto mining is an experiment for the time being, and it is running on the used servers. The MPS has been declared a historical site on the US Register of Historic Places.
New Crypto Bill is Coming
The decision of Albany Engineering Corp. is viewed as an act of rebellion by many. This has happened since the new crypto Bill presented in the NYC senate has created a hostile environment for the mining industry. Once the bill is passed, it would implement a blanket ban on all mining activity instead of preventing the loss of useful energy resources and reducing carbon footprint. It is unclear if the MPS crypto mining activity will be affected as it runs on green energy. The bill states that any mining corporation or operation that uses more power than the entire country of Sweden has to be put out of commission.
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