Upstate New York – Cryptocurrency mining company Coinmint has just launched operations at its newly established facility in the town of Massena. Through its subsidiary, North Country Data Center Corporation, the firm has already begun mining a number of cryptocurrencies, including Bitcoin, Dash, and Ether.
The newly acquired 1300-acre, 435-megawatt Coinmint site in Massena, St. Lawrence County, is currently located at a facility previously used as an aluminum smelting plant. The facility, as the company claims, is capable of providing sufficient power to operate one of the world’s largest mining farms.
As the company further disclosed, on top of its $500 million investment, Coinmint also plans to allocate $700 million to its new site, which it projects would generate over 150 jobs within the next 18 months and is expected to be fully operational over the next 12 months.
As Coinmint spokesman Kyle Carlton stated:
“The start of operations is a key milestone towards the Massena site reaching its full capacity. 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.”
As per previous Coinwire report published January, the New York Authority and the New York State Company board administrators have granted Coinmint permission to renew the once deserted foundry mining operations for Bitcoin, as the legislators voted in favor of allocating 15 megawatts of hydroelectric energy source to the mining facility, hoping the venture would boost employment in the region.
The site which is expected to operate 24/7, currently consists of 75 full-time employees, with an average wage of $46,000. By 2019, Coinmint plans to expand its workforce by accommodating 75 more workers, bringing the total number of employees to 150. Among the positions to be filled include IT technicians, installers and operational staff, electricians, as well as security personnel.
As Massena Town Supervisor Steve O’Shaughnessy stated Tuesday:
“We in Massena, would like to welcome Coinmint to our town. 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.”