Coinmint to Invest up to $700 Million in New York Mining Center

Coinmint has announced it commenced operations at its newest crypto mining facility in New York. Operated via its wholly owned subsidiary, North Country Data Center Corporation, it is already mining several cryptocurrencies including bitcoin, dash and ether.

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Mining Operations Come Online

Located at a former aluminum smelting plant (Alcoa East Facility), the 1300-acre, 435-megawatt Coinmint site in Massena, New York, is said to provide enough capacity for operating one of the largest mining farms in the world. The company also claims that, in addition to the over $50 million of investment to date, it will invest up to $700 million in its new site, creating an estimated 150 plus jobs over the next 18 months. Operations at the complex are projected to be at full capacity within the next 12 months.

“The start of operations is a key milestone towards the Massena site reaching its full capacity,” said Coinmint spokesman, Kyle Carlton. “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.”

Town Welcomes Jobs

As we reported earlier this year, when the New York Power Authority approved the allocation of 15,000 kilowatts of hydroelectric power to the mining venture, it is expected to boost employment in the local economy. The facility is planned to operate around the clock, and accommodate 75 full-time employees in 2018 and an extra 75 in 2019 for a total minimum employment force of 150 employees. The jobs would include security personnel, IT technicians, electricians, installers and operational staff, with an average wage of $46,000.

“We in Massena, would like to welcome Coinmint to our town,” said on Tuesday Steve O’Shaughnessy, Massena Town Supervisor. “The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting and what we have been working for. We are ready to provide any assistance we can to move this project to its full potential.”

Is New York going to replace China as the mining capital of the world? Share your thoughts in the comments section below. 

Images courtesy of Shutterstock.

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