Old Rainbow is the name of a power plant in the United States that is currently more than 100 years old. For many, the power plant has significant historical and financial value. It was set to be demolished soon, but cryptocurrency saved the day and got the demolition stopped in time.
The way cryptocurrency helped stop the demolition was by turning the building into a cryptocurrency mining farm. This change had to be approved by the Federal Energy and Regulatory Commission. According to the documents submitted for the proposal to FERC, the mining machines are going to be used in a single location of Old Rainbows’ building. There are no current plans for expansion even if this venture proves to be profitable.
The mining operations for the cryptocurrency set up the old power plant will be running 365 days a year, 24 hours a day by staff. Many people find a little bit of irony in this new proposition. What used to be a power plant that produced hydroelectric and clean power will now be participating in the crypto-currency industry that is incredibly hungry for resources. Currently, the proposal does not say how the new cryptocurrency mining center is going to be powered.
In 2013, a brand new hydroelectric power plant was built down the river. The new plant was based on Old Rainbow and used to generate clean electricity. Many residents in the area are hopeful that the cryptocurrency data center is going to be powered by the new hydroelectric power plant using its renewable energy sources.
In 2009, the FERC told the owners of Old Rainbow that they need to find a new use for their building or have it demolished. This was happening just as the new power plant project was getting started. Old Rainbow is located in Montana and stopped working its operations in 2013. Since then, it has been a focal point in many local discussions about what should be done with the building. Many of the locals in Montana did not want to demolish the structure because of its historic and cultural value to the community.
The plans of changing the power plant into a cryptocurrency mining farm will mean the building will remain mostly unchanged. This news has been important and welcomed news by the locals. The data center proposal will maintain the building of historic character and have a minimal impact on its value.