Mining Company Coinmint Invested 700 Million Dollars in the Startup of the Plant in New York State


June 5, CNBC reported that the mining company Coinmint confirmed the work on the creation of a Bitcoin mining plant in New York State.

According to the data, the company intends to invest about 700 million dollars in the development of the project. To create the enterprise, Coinmint intends to re-equip the Alcoa melting plant, which has an area of 1,300 acres, by the end of next year.

According to a press release, the project will be operated by a subsidiary of North Country Data Center, which started work earlier this week. A spokesman for Coinmint reported that:

“As long as bitcoin network exists we anticipate mining to be profitable. The subsidiary launch is a key milestone towards the Massena site reaching its full capacity.”

It should be noted that earlier this year several similar projects were already launched, which were located in areas with low electricity tariffs. Many similar projects subsequently faced severe measures on the part of regulators.

Despite this, the officials of the city of Massena, which is closest to Alcoa, positively accepted the news about the establishment of the plant, seeing in this the possibility of creating a new 150 jobs. A representative of the city authorities, Steve O’Shaughnessy said:

“The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting and what we have been working for. We are ready to provide any assistance we can to move this project to its full potential.”

This post is also available in: ruРусский

Don't miss a single story and get a chance to win up to 1,5 ETH!

Subscribe to our free newsletter and follow us