USD 700 million Bitcoin Mining Farm coming to New York
There are chances that the cryptocurrency mining firm Coinmint can make the Upsate New York can be soon home to the world’s largest bitcoin mining center provided that their ambitious plans all fall into place.
The North Country Data Center Corp. a subsidiary of Coinmint has invested in a huge sum of USD 50 million to convert an Alcoa aluminum smelting plant in Massena, NY, that spans about 1,300 acres.
The new facility when opened and if fallen into place the planning with their execution in time, the 435-megawatt capacity should be the world’s largest bitcoin mining center undoubtedly.
Operational in 12 months
Coinmint has plans to invest an amount of USD 700 million into the project and aims to create about 150 jobs in the span of the next 18 months. The company had projected in a statement early than it will be fully operational in the next 12 months. There shall be a staffing that works 24 hours a day, seven days a week, 365 days a year by security personnel, IT technicians, electricians, and operational staff at the plant. It is no surprise that the town of Massena is very much excited about the jobs that the mining center shall create for them.
Steve O’Shaughnessy, Massena town supervisor mentioned earlier, “The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting. We are ready to provide any assistance we can to move this project to its full potential.”
Coinmint’s chief technology officer Prieur Leary also stated, “ We’ve developed a process to get an edge in the market. As long as bitcoin networks exist, we anticipate mining to be profitable.”
Gaining access to cheaper power sources
As we have mentioned earlier, there has been a very high debate about the high costs of bitcoin mining. The reason being that it consumes a lot of electricity. The electricity prices were not a concern as much before until now, as then the prices of bitcoin were rocket high, but now that the prices of bitcoin has fallen down tremendously, the electricity costs haven’t wavered, and this only goes to show that mining has become all the less profitable for the miners.
Coinmint rep Kyle Carlton mentioned earlier, “The area’s citizens and its hydroelectric power — a green alternative to the less sustainable energies used at other digital asset infrastructure data centers — were the catalyst for our move and will be foundational assets for continued expansion. The reduced electricity costs will enable us to compete in the rapidly emerging digital currency global marketplace.”
At present, China is the nation having the largest cryptocurrency mining pools. If Coinmint is looking forth to making Upstate New York the world’s largest cryptocurrency mining pool, then it will have to compete severely with China and Russia in order to be number one, since crypto mining has mushroomed tremendously in these two nations already.