The Mechanicville hydroelectric plant in New York, established in 1897, has shifted its business model to Bitcoin mining. The facility, owned by Albany Engineering Corporation, previously struggled with low wholesale electricity prices of 3 cents per kilowatt-hour when selling power to the National Grid.
CEO Jim Besha Sr. acquired the plant in 2003. In 2021, the company redirected 4 MW of the facility's 5 MW total capacity toward mining operations. The plant produces between 18 and 22 GWh of electricity annually, utilizing equipment dating back to the 1890s.
This transition resulted in a threefold increase in profitability compared to grid sales. The mining setup uses repurposed hardware rather than high-end ASICs. The operation is powered entirely by the Hudson River, maintaining its status as a registered historic site.
Besha treats the mining activity as an industrial revenue stream rather than a speculative investment. He consistently converts mined Bitcoin into cash rather than holding it on the company balance sheet. As of 2026, the mining operations remain stable without significant changes.
