Upstate New York could host the largest Bitcoin mining farm in the world if the crypto mining company Coinmint will continue to follow its plan.
Coinmint has transformed the “1,300-acre Alcoa aluminum smelting plant” based in Massena, New York into a mining farm with a $ 50 million investment and now plans to expand with 435-megawatt capacity, thus become the largest BTC mining center in the world.
$ 700 M will be invested in the BTC mining center= 150 jobs
The mining facility Coinmint is preparing to allocate another $ 700 million to expand its mining center, creating thus 150 jobs. The farm will be fully equipped in the next 12 months, the company announced.
Massena and the citizens based in the region are the first to take advantage of having a new job. The mining center will work non-stop, this means 365 days in which security, IT, electricians and operational employees will be needed.
“The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting,” stated Steve O’Shaughnessy, Massena town supervisor. “We are ready to provide any assistance we can to move this project to its full potential.”
The former aluminum factory was closed in 2014. To use the building, Coinmint signed a leasing contract for a fixed period of 10 years. Even if prices of cryptocurrencies fluctuate greatly, the company hopes that these will return to the top positions. “As long as bitcoin networks exist, we anticipate mining to be profitable,” Coinmint’s CTO Prieur Leary told CNBC. “We’ve developed a process to get an edge in the market.”
Coinmint has access to cheaper electricity
As previously reported by Coindoo, there are some costs to mine cryptocurrencies such as Bitcoin. Once the price of the currency decreases, the mining activity isn’t as profitable as there is a risk of losing the investment. However, Coinmint has access to cheaper electricity in Massena, such as the hydroelectric and wind power, which reduce the center’s costs.
“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,” stated Kyle Carlton. “The reduced electricity costs will enable us to compete in the rapidly emerging digital currency global marketplace.”
China is currently hosting the largest cryptocurrency mining pools in the world. If Coinmint wants to reach the first position, Coinmint will definitely have to fight with China and Russia, where electricity is cheap, and the mining farms are growing on a passing day.