A retired ancient hydroelectric power plant built in 1897 in Mechanicsville, New York, was set for dismantling when it occurred to Jim Besha Sr., CEO of Albany Engineering Corp which owns the plant, to turn it into a vintage bitcoin mining rig.
With conduits dusted, moving parts polished and oiled, and worn out parts replaced, the plant was back to full throttle in just 30 days – Turning 4MW of power into 0.01 BTC (give or take) every hour, or an entire Bitcoin every 4 days.
“We can actually make more money with Bitcoin than selling the electricity to the national grid”, Besha said.
The beauty of this machine’s story was enhanced by the fact that Jim’s company had registered it in the National Register of Historic Places 29 years prior. All thanks be to its having ancient enough technology that had long ceased to be manufactured anywhere. For example, it produces a 40Hz electric current. All power plants today produce a 60Hz electric current.
The power plant has been nominated for landmark status in 3 different types of engineering: civil, electrical and mechanical.
Following a report on Bitcoin Magazine, it took a decade long legal dispute to complete the saga: