Bitcoin Stalls as World’s Oldest 3-Phase Power Plan Announces BTC Mining Plan

11 July 2021 | Updated: 11 July 2021

Mechanicville Power Station 1897, the world’s oldest 3-phase power plant, has announced that it is going into Bitcoin (BTC) mining. The firm noted that it would use some of the power it produces to carry out the undertaking.

Jim Besha, the Albany Engineering Corp CEO, noted that the aged 3-phase AC hydropower plant considers Bitcoin mining a more profitable venture compared to selling their excess energy.

The new development comes amid the uproar by environmentalists over the carbon footprint impact of the benchmark cryptocurrency. Recently, most mining firms in China got forced to shut down by authorities and migrate to other friendlier BTC mining hubs. Consequently, the crypto suffered a significant crash and is yet to recover from it. At press time, Bitcoin is down by over 50% from its April all-time high of $64,800.

That said, Besha asserted that the current debates surrounding BTC’s energy concerns do not concern him as his firm uses renewable energy. He added that the mining is an essay on the side as they are discarding used servers. The CEO stated that:

“It’s the best [type of bitcoin mining] because we’re using renewable energy. We’re just doing it on the side, experimenting with it. We’re buying used servers.”

Key Bitcoin Levels to Watch — July 11

Bitcoin spent most of the weekend consolidating between $34,000 and $33,000 as volatility and trading volume run thin. However, BTC currently trades within a wedge, indicating that a spike (direction uncertain) could occur soon.

That said, our bias tilts towards the upside as we expect a retest of the $35,000 critical resistance. The $34,000 barrier is a significant one for Bitcoin in the coming hours, considering the confluence of resistance lines at that level (wedge top, 200 SMA, resistance line).

Meanwhile, our resistance levels are at $33,000, $33,700, and $35,000, and our key support levels are at $32,000, $31,000, and $30,000.

Total Market Capitalization: $1.40 trillion

Bitcoin Market Capitalization: $632 billion

Bitcoin Dominance: 45.2 %

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.