New York Welcomes Cryptocurrency Mining Operation

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Upstate New York – Legislators have granted Coinmint Mining Provider permission to renew a once deserted foundry mining operations for Bitcoin.

On January 30, local news outlet WWNYTV has reported that the New York Authority and the New York State Company board administrators have voted in favor of allocating subsidiary North Country Data Center (NCDC) 15 megawatts of energy source, subject to taxes.

As Coinmint told the New York power authority, the company proposed to retrofit six buildings, slated for operations by June 2019.

Coinmint’s operation will require approximately $165 mln worth of infrastructure investment and is expected to generate over 150 employment opportunities in the surrounding towns including Massena, according to WWNYTV.

As Assemblywoman Addie Jenne stressed regarding the New York lawmakers’ proposed project:

This is a large allocation of power, but certainly 150 jobs is nothing to sneeze at.”

Compared to Washington State which is known to provide an inexpensive energy source, the State of New York has not always been considered a viable option for cryptocurrency mining.

However, Massena town supervisor Steven O’Shaughnessy clarified:

That’s been one of our main marketing points is that we have cheap reliable power,

Additionally, O’Shaughnessy stated on WWNYTV that:

“It would be good for Massena. I think they are highly technical jobs. We’re definitely going to look forward to something like that.”

The report came following previous news that Europe’s biggest power utility Enel has taken a stand against providing renewable energy to mining company Envion on account of viewing its operation as an “unsustainable practice.”

Across the globe, legislators’ views on virtual currency mining remain divided, with Russia moving to create new mining setups from spare grid capacity, a stark contrast to China’s persistence on vehemently vetoing digital currency mining, banning the industry’s operation altogether.