A 127-year-old hydroelectric plant found its second life through Bitcoin mining

The Mechanicville Hydroelectric Plant was built in 1897. It survived two world wars, the Great Depression, and the dot-com bubble. The thing that nearly killed it was a wholesale electricity price of 3 cents per kilowatt-hour. Now, thanks to Bitcoin mining, one of the oldest hydroelectric facilities in the United States is not just surviving. It’s thriving, reportedly generating roughly three times the profit it earned selling power to the National Grid. From Edison-era turbines to SHA-256 hashes Albany Engineering Corporation, led by CEO Jim Besha Sr., acquired the Mechanicville plant in 2003. That purchase came after a decade of litigation and significant operational disruptions that had left the facility’s future in doubt. AEC got the plant running again, but the economics were brutal. Selling hydroelectric power to the grid at around 3 cents per kWh left thin margins for a facility that still operates with vintage 1890s equipment. The plant produces between 18 and 22 GWh of electricity annually from its roughly 5 MW of capacity. In 2021, Besha made a pivot. AEC allocated about 4 MW of the plant’s 5 MW capacity to Bitcoin mining operations, keeping a small portion flowing to the...