Coinmint to Open 1,300 Acre Bitcoin Mining Center in New York
Old Alcoa Plant in New York Will Be One of the Largest Bitcoin Mining Centres
Cryptocurrency mining plants continue to experience an expansion everywhere around the world. This time, an old Alcoa plant located in upstate New York, will be recycled and converted into one of the largest bitcoin mining centers in the world.
Bitcoin Mining Plant in Upstate New York
The Bitcoin bear market is not affecting the interest for individuals and companies to start cryptocurrency mining activities. This time, a mining company known as Coinmint, is going to repurpose a 1,3000 acre plot used in the past by Alcoa for aluminum smelting.
The investment is expected to be $700 million dollars and will make of it the biggest bitcoin mining centre in the world. Moreover, the project will be creating over 150 jobs in the next 18 months.
Cryptocurrency mining companies usually use old buildings that in the past were used for different industrial activities. Then, enterprises invest some money on them and start their operations with crypto mining rigs.
Coinmint’s Chief Technology Office 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.”
It is important to mention that since Coinmint decided to buy the old plant, Bitcoin lost 30% of its price. Moreover, since the beginning of the year, it lost more than 50%.
The location is very good because the town has access to clean and cheap electricity power that are related to hydroelectric activities and windmills.
Operations are already underway at the facility and the mining activities will be at full capacity within a year.
Local authorities have welcomed Coinmint to Massena, where the farm is being built. Moreover, they are very excited about the economic development that the company will be bringing to the region.