According to a Scribd report dated Oct. 24, the Federal Energy Regulatory Commission (FERC) granted a license of operations to California-based firm Susteen, to start a cryptocurrency mining in the establishment. The report states the building is to be preserved given the communities attachment to Old Rainbow with the mining equipment set to occupy only one section of the former powerhouse. There are plans to expand if the business proves to be profitable.
The Back Story of Old Rainbow
The Old Rainbow facility has a cultural and communal impact to the people of the state of Montana given the long history in the state’s mining and railway activities in the early 20th Century. However, in 2009, a new powerhouse started development downstream on the Missouri river leading the commission to demand the Northwest Corporation, owners of Old Rainbow, to find “better use for the building or demolish it”.
In 2013, the company closed down but the community was against the demolishing of the building due to historical value. For the past six years, the owners have been debating on the best use for the building until the idea to set up a cryptocurrency mining center came along.
The document states the mining facility will ensure the preservation of the historic site while making use of the space.
The document further read,
“The proposed data center is supported by the (Old Rainbow powerhouse Repurposing) Committee and would preserve the building's historic character.”
Mining Operations in the US
The United States is slowly building its claim as a crypto mining giant with multiple projects in development. First, Bitmain announced they will be building “the largest Bitcoin mining firm” in the world in Texas in light of their recent IPO filing to the SEC.
In addition, one of Bitmain’s largest competitors in mining, Canaan, is set to launch their public offering on NASDAQ in the coming month.