Upstate NY NatGas Power Plant Makes Money with Bitcoin Mining

We’ll be right upfront and say this article is a hard one for us to wrap our brains around. In order to explain something in simple terms, you must first understand it. We don’t fully understand the concepts discussed below, but feel it’s important to pass along anyway. In September 2018 MDN brought you an article about a concept called blockchain, and to some degree, bitcoin (see Blockchain: Explaining a Complex New Tech + Impact on O&G). Put simply, blockchain is an ironclad “way of tracking things.” Those things can be money (like bitcoin, the earliest adopter of the technology), but also other things, like legal documents. We’ve come across an article about a natural gas-fired electric plant operating in Upstate New York that uses extra electricity it produces but can’t sell onto the local power grid to instead power something called a bitcoin mining operation. Stick with us.

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