The world’s largest Bitcoin mining facility may soon be built in New York, assuming that the plans come to fruition.
Cryptocurrency mining firm Coinmint has put plans into place to build a cryptocurrency mining facility on top of 1,300 acres that are currently occupied by an aluminum smelting plant in Massena, New York. Coinmint has already invested $50 million in the project, and the conversion is underway.
Assuming the conversion plans continue to unfold without problems, the mining facility will be operational within the next 12 months. Coinmint is willing to invest up to $700 million into the facility, which will boast a 435-megawatt capacity. The city of Massena is understandably excited about the new facility, as it will boost their economy by adding many new jobs. The facility will be running 24 hours per day, seven day a week, 365 days a year, and will need jobs including technicians, security, and operational staff. In total, the facility is estimated to create over 150 new jobs over the next 18 months.
Coinmint proved that they are confident in their investment regardless of the market volatility, as they signed a 10-year lease on the property. In an interview with CNBC, Coinmint’s CTO said, “As long as bitcoin networks exist, we anticipate mining to be profitable…We’ve developed a process to get an edge in the market.”
In order to stay profitable regardless of Bitcoin’s price movements, Coinmint will be using alternative methods of securing cheap and clean electricity. Massena has access to sustainable energies including hydroelectric and wind power sources, which will help Coinmint’s profitability.
A Coinmint representative said that “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. The reduced electricity costs will enable us to compete in the rapidly emerging digital currency global marketplace.”
The Massena facility will be competing with large mining facilities in China and Russia, and sustainable energy sources will help the facility to stay competitive. Russia is currently attempting to become a cryptocurrency mining powerhouse, and the government is investing a significant amount of resources to construct the Russian Mining Center, which will operate similarly to Coinmint’s facility.