Crypto mining company Coinmint has announced that it will go ahead with its plan to open a cryptocurrency mining plant in an abandoned smelter previously used by Alcoa in Massena, New York.
The company stated that in the next 18 months it will invest up to $700 Million in the project.
“The 1300-acre, 435-megawatt site in Massena, New York, maintains the largest capacity from a digital currency data center in the world. In addition to the $50+ million USD of investment to date, the company will invest up to $700 million USD in its new site, creating an estimated 150 plus jobs over the next 18 months,” the company’s official statement says.
Operations at the complex are underway through Coinmint’s owned subsidiary North Country Data Center Corporation and within the next 12 months are projected to be at 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,” said Kyle Carlton, Coinmint spokesman.
Steve O’Shaughnessy, Massena Town Supervisor in his turn welcomed Coinmint to the 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,” he said.