Coinmint Plants to Continue with Bitcoin Mining Project Worth $700 Million
According to reports on June 5th, the Coinmint mining service announced that they would continue with the creation of their Bitcoin mining plant. It is planned to establish the plant in Upstate New York in an abandoned smokestack, which is a 1300-acre space that was previously the home of an aluminum smelting plant and will be fully complete by the end of 2019. This project received approval in January, where the company plans to contribute up to $700 million in the efforts.
Despite the changes, Coinmint does not plan to stop their current operations as the North Country Data Center Corporation. According to the CEO, “As long as bitcoin network exists, we anticipate mining to be profitable.” Their launch at the data center “is a key milestone towards the Massena site reaching its full capacity.”
In this year along, there seems to be multiple plans being executed to help with the former infrastructure used to mine Bitcoin. However, it has not been as well-received as hoped for with some local governments. In a Quebec meeting, Premier Phillippe Couillard made the following comment in March: “If you want to come settle here, plug in your servers, and do Bitcoin mining, we’re not really interested.”
Despite this concern, the addition of the mining plant gives a boost to the economy, promising 150 new jobs for workers, which is an effort that is “what we have been working for,” says the Town Supervisor.