Cloud Mining Firm Coinmint Confirms $700m Project Plan

Coinmint, a cloud mining service has recently confirmed it would move ahead with opening a Bitcoin mining plant in an abandoned smokestack in Upstate New York.

The move was given the go-ahead by higher authorities in January. This move will see the company invest “up to $700 mln” in the project, which will repurpose the former 1300-acres-large Alcoa aluminium smelting plant by the end of 2019.

Operations will keep functioning under the newly-formed subsidiary North Country Data Center Corporation, which according to a press release, began work this week.

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

This year saw several schemes to leverage former infrastructure in areas with cheap electricity for the purposes of mining Bitcoin. Some of them have agitated the local governments, with plans in nearby Quebec meeting with harsh criticism over the impact on local economies.

“If you want to come to settle here, plug in your servers and do Bitcoin mining, we’re not really interested,” the region’s Premier Philippe Couillard said in March.

For politicians in Massena, the nearest town to the Alcoa plant, the project appears to be a boon to the local workforce, as it promises to create extra 150 jobs. “The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting and what we have been working for,” Massena Town Supervisor Steve O’Shaughnessy said as part of the press release.