Bitcoin has been called “The People’s Currency” and “The Currency of the Future,” but whatever the name, its rise to prominence in recent years is astonishing. While Bitcoin was initially intended to act as a decentralized currency that anyone could generate and trade for secure transactions, it has become a tool for investors on the stock market to try and get rich quick with occasional disastrous consequences. Worth over $40,000 per coin at the time of writing, $BTC has captured the fascination of tech enthusiasts, financiers, and the public alike. For some, the widespread rush to invest in Bitcoin may seem reminiscent of the gold rush of 1849, and that notion isn’t too far off. Many people have used their savings, and some have even mortgaged their homes, to invest in the cryptocurrency. This high level of risk sometimes pays off, but sometimes doesn’t, and families are left destitute as the value of$BTC rises and falls almost at a whim.
But the relative successes or failures of investors distracts from a much darker shadow: the environmental impact of Bitcoin. The technology of “mining,” as the process is called, is so energy intensive that global mining operations consume as much energy as some nations; unfortunately, the majority of this energy is generated from fossil fuels. As demand for Bitcoin grows, more companies emerge to mine for this digital gold, resulting in the resurrection of long-dormant power plants, creating revenants from the fossil-fueled past America is trying to leave behind for a clean energy future. Nowhere is this more evident than in Dresden, N.Y., where Bitcoin has revived a once-dead power plant, with destructive impacts on local ecosystems in addition to a new spike in carbon emissions.
The village of Dresden is on the banks of Seneca Lake in Yates County, N.Y., and is home to just over 300 people. Situated in the heart of the Finger Lakes region, Dresden and the surrounding community are home to a burgeoning tourism industry centered on wineries. With the beautiful lake, lush vineyards, and rural atmosphere, the region was developing into a getaway destination for foodies and nature lovers alike until a private equity firm called Atlas Holdings bought an abandoned power station.