Coinmint confirms planned € 594 million project in Upstate NY

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Coinmint

The cloud mining service Coinmint confirmed that it plans to open a Bitcoin mining facility in an abandoned factory chimney in Upstate New York. That’s from a report by CNBC on June 5th.

In January, the company got the green light from the authorities and will invest “up to € 594 million” in the project, which will convert the former Alcoa aluminum smelting plant by the end of 2019.

The operation will continue under the newly formed North Country Data Center Corporation, which commenced operations this week, a press release confirms.

“As long as the Bitcoin network exists, we expect the mining to be profitable,” said Coinmint CEO Prieur Leary, citing CNBC. E added in the press release that the founding of the subsidiary “is an important milestone on the way to full capacity at the Massena site”.

This year, there were several programs to use the former infrastructure in a low-power area for bitcoin mining.

Not everyone is on good terms with local governments because plans in nearby Quebec have been heavily criticized for their impact on the local economy.

“If you want to settle here, connect your servers, and run bitcoin mining, we’re not really interested,” said Philippe Couillard, prime minister in March.

Conversely, for the politicians in Massena, the nearest city to the Alcoa plant, the project is blessing the local workforce as it promises 150 additional jobs.

“The idea of ​​having 150 new jobs and a revitalization of the Alcoa East Facility is exciting and exactly what we have been working for,” said Massena’s Board of Directors Steve O’Shaughnessy in the press release.

image by shutterstock

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