Upstate New York may soon house the world’s largest bitcoin mining center if plans being started by cryptocurrency mining firm Coinmint push through.
Coinmint, through its subsidiary North Country Data Center Corp., has put in a whopping $50 million so far to transform a 1,300-acre Alcoa aluminum smelting plant located in Massena, NY.
With a 435-megawatt capacity, the new facility would be the world’s largest bitcoin mining center.
Coinmint said that it is planning to invest as much as $700 million in the project, which would generate roughly 150 jobs over the next year and a half. The new center is et to be completely up and running in the next 12 months, the company said in a statement.
The town of Massena is thrilled about the job opportunities the new mining center present. The plant would have staff 24 hours a day, seven days a week, 365 days a year by security personnel, IT technicians, electricians, and operational staff.
“The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting,” said Steve O’Shaughnessy, the town supervisor. “We are ready to provide any assistance we can to move this project to its full potential.”
The old Alcoa plant closed in 2014, but Coinmint has inked a 10-year lease on the property, signifying its confidence that despite bitcoin’s price slump of late, it believes cryptocurrencies are here to stay.
“As long as bitcoin networks exist, we anticipate mining to be profitable,” Coinmint’s chief technology officer Prieur Leary said in a report on CNBC. “We’ve developed a process to get an edge in the market.”
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