Bitcoin Mining Firm Coinmint Confirms Plans for $700-Million Project in Upstate NY

June 6, 2018 4:29 pm Published by

CNBC reports Coinmint, a cloud mining service, would move forward on its plans to open a Bitcoin mining plant in an abandoned aluminum smelting plant in upstate New York with a completion planned for the end of next year.

The plant, already approved by officials in January, will see Coinmint invest “up to $700 million” in the project to convert the former 1,300 acre Alcoa plant, CoinTelegraph reported.

A company press release said operations will continue under the newly formed subsidiary North Country Data Center Corporation, the report said, and work has already begun this week.

CNBC quoted Coinmint CEO Prieur Leary saying “as long as bitcoin network exists, we anticipate mining to be profitable,” adding in a news release the subsidiary launch “is a key milestone towards the Massena site reaching its full capacity.”

The announcement is not the first one this year touting former infrastructure with cheaper electricity costs to be used for mining bitcoin, the report said.

Not everyone is happy about a bitcoin mining plant, however, as CoinTelegraph reports Quebec’s Premier Philippe Couillard expressed less-than-enthusiastic feelings for the move back in March saying: “If you want to come settle here, plug in your servers and do Bitcoin mining, we’re not really interested.”

But the report said officials in Massena seem overjoyed at the prospect of the new plant, with Town Supervisor Steve O’Shaughnessy touting the promise of 150 new jobs once the plant opens.

“The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting and what we have been working for,” he said., Jack Durschlag

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