Coinmint Set to Open Massive Bitcoin Mining Farm in Upstate New York
Coinmint, the cloud mining platform has unveiled its latest Bitcoin mining facility located in upstate New York. The company revealed the new site in a statement released on June 5, 2018. The Coinmint facility becomes the latest Bitcoin mining farm in North America as there continues to be an influx of cryptocurrency miners into the region.
The Proposed Coinmint Bitcoin Mining Facility
Coinmint obtained approval in January to establish a Bitcoin mining farm in the 1,300-acre facility that was once an aluminum smelting plant in Massena, New York. Alcoa owned the plant before shutting down its operations in 2013. Since then, Alcoa had been in search of new tenants for the facility. Coinmint secured a 10-year lease agreement with Alcoa, plus an option to renew. The deal finally came to fruition after a robust back and forth negotiation process.
Mining operations are already ongoing in the facility and will continue under the aegis of the North Country Data Center Corporation – a new Coinmint subsidiary. The company plans to invest about $700 million in repurposing the plant into one of the largest Bitcoin mining centers in the world. The 435-Megawatt complex is expected to be completed in the next one year.
Commenting on the project, Kyle Carlton, a Coinmint spokesperson said:
The start of operations is a key milestone towards the Massena site reaching its full capacity.The area’s citizens and its hydroelectric power – a green alternative to the less sustainable energies used at other digital asset infrastructure data centers – was 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.
Bitcoin Mining Continues Despite Price Decline
The BTC price has declined significantly in 2018. However, it seems miners aren’t deterred from continuing to mine the number one cryptocurrency. In fact, since the end of negotiations between Alcoa and Coinmint, the price of BTC has declined by more than 30 percent. Speaking on the impact of BTC prices on the company’s operations, Coinmint CTO, Prieur Leary said:
As long as bitcoin network exists we anticipate mining to be profitable. We’ve developed a process to get an edge in the market.
Host Community Excited at the Prospects of Job Opportunities
Massena, the host community is excited at the prospects of the new Coinmint BTC mining complex. According to Town Supervisor, Steve O’Shaughnessy:
We in Massena would like to welcome Coinmint to our town. 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.
Massena is a town that lies adjacent to the Canadian border. The area is known for its cold climate and cheap electricity, two conditions that are suitable for Bitcoin mining. Large-scale cryptocurrency mining is an energy-intensive process which produces a lot of heat. Thus, miners prefer areas with cold climate to reduce the additional cost of running cooling systems.
Will other firms open up mega Bitcoin mining centers in North America? Keep the conversation going in the comment section below.