Implementation News: Bitcoin Mining Firm Coinmint Confirms Plans for $700 Mln Project in Upstate NY

(In the midst of the next leg down of prices, I’m sharing this to illustrate that projects like this don’t happen if cryptos were questionable.  You’re only going to see more of this.

(Just wait until you read about corporate data centers utilizing their computing capacity to mine cryptos.)

Be well, Everyone.


Bitcoin Mining Firm Coinmint Confirms Plans for $700 Mln Project in Upstate NY

Cloud mining service Coinmint confirmed it would press ahead with opening a Bitcoin miningplant in an abandoned smokestack in Upstate New York, CNBC reports June 5.

The move, which authorities greenlighted in January, will see the company invest “up to $700 mln” in the project, which will repurpose the former 1300-acres-large Alcoa aluminium smelting plant by the end of 2019.

Operations will continue under the newly-formed subsidiary North Country Data Center Corporation, which began work this week, a press release confirmed.

“As long as bitcoin network exists we anticipate mining to be profitable,” Coinmint CEO Prieur Leary said quoted by CNBC, adding in the release that the subsidiary launch “is a key milestone towards the Massena site reaching its full capacity.”

This year has seen multiple schemes to leverage former infrastructure in area with cheap electricity for the purposes of mining Bitcoin.

Not all have struck a chord with local governments, with plans in nearby Quebec meeting with stiff criticism over the impact on local economies.

“If you want to come settle here, plug in your servers and do Bitcoin mining, we’re not really interested,” the region’s Premier Philippe Couillard said in March.

For politicians in Massena, the nearest town to the Alcoa plant, the project conversely represents a boon to the local workforce, as it promises to create an extra 150 jobs.

“The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting and what we have been working for,” Massena Town Supervisor Steve O’Shaughnessy said as part of the press release.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s