Coinmint to Begin Bitcoin Mining on An Old Alcoa Plant
The optimistic firm acquires an old aluminium plant to mine bitcoin
Residents of Massena Town in upstate New York are jubilant after one of the largest digital currency data center, Coinmint, reported that it is setting up a bitcoin mining company in the town.
The company will re-purpose an old aluminium smelting plant that was abandoned 4-years ago. The smelting plant was owned and operated by Alcoa. Since the company closed down 4-years ago the, Alcoa gave up the site for tenancy. After a number of inconclusive discussions for months, Alcoa finally reached and agreement with Coinmint. They signed a 10-year deal for the 1,300-acre plot with options of renewal. With plans already in motion, Coinmint plans to inject $700 million into the upstate New York plant. This will absorb up to 150 locals in employment. As a way of giving back and integrating into the Massena town community, Coinmint will fill up positions with the locals. They will hire staff with different skills ranging from highly trained IT experts, electricians to security personnel. This will help boost the economy of the local community.
Bitcoin mining is a billion dollar industry which depends highly on the availability of power. In a bitcoin mining company, each mining computer generates 1400 watts to perform all the calculations. With several thousands of computers operating at once, mining companies need a reliable power supply. Massena town, presents a great choice for mining as it has reliable sources of cheap power. It boasts of plenty of clean energy from wind and hydroelectric power. These alternative power sources will come in handy in lowering Coinmint’s reliance on the primary power sources. In addition to having reliable power, the climatic condition in upstate New York is conducive as it will reduce air conditioning costs.
Setting up of Coinmint bitcoin mining firm in upstate New York will make the 1300 acre bitcoin mining firm the biggest in the whole world. The new acquisition will give Coinmint and edge over its competitors. Bitmain is the current industry leader raking in billions in profits from mining.
Although bitcoin prices have dropped, Coinmint is optimistic they will make good profit s for ‘as long as bitcoin networks exist.’