Bitcoin miner Coinmint intends to go on with its plans to transform Alcoa’s 1,300-acre site, which was previously used for aluminum smelting, despite the declining price of Bitcoin. On Tuesday, the company announced that it is ready to invest up to $700 million in the new plot located in New York state close to the Canadian border. By 2020, Coinmint hopes to create 150 jobs in the new facility.
Coinmint agreed to lease Alcoa’s territory in December 2017 when the largest cryptocurrency by market cap was priced at about $11,000. It peaked close to $20,000 soon but then entered the current long-term correction. Since the moment of the deal, BTC has lost about 30%. However, this isn’t stopping the crypto mining company from sticking to the initial plan.
Coinmint's CTO Prieur Leary said: “As long as bitcoin network exists we anticipate mining to be profitable. We've developed a process to get an edge in the market.”
The miner chose to lease the territory of the aluminum producer for ten years given its strategic location, as it’s situated in Massena, New York, a town with easy access to affordable electricity from hydroelectric and wind power plants. Leary said that the town’s climate is perfect for saving on costs for air-conditioning, which is needed to maintain the computing devices.
Coinmint has already started operations at was known as the Alcoa East Facility complex, and is expected to reach full capacity within 12 months. The company hopes to become the largest cryptocurrency data processor in the world with its 435 Megawatt mining center.
The miner plans to hire a variety of specialists to work 24/7, with many of the jobs being open to the local community.
Massena Town Supervisor Steve O'Shaughnessy stated: “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.”