Despite all the negative news surrounding Bitcoin during the last two weeks, one company appears not to be concerned in the slightest, and is actually looking to expand its business during the next two years.
The New York Power Authority just agreed to move 15,000 kilowatts of hydroelectric power to this new Bitcoin mining operation managed by Coinmint, the North Country Data Center Corp (NCDC), depending on the approval of a contract later this year. Coinmint, which manages a Bitcoin mining business in Plattsburgh, believes that the cryptocurrency market will continue growing globally and therefore wants to expand by opening a second facility.
This expansion and allocation of power will support capital investment of a minimum of $165 million and offers the creation of around 150 new jobs, if all goes according to plan. The proposal involves the renovation of a former metal smelting building in Massena, along with installing around 180,000 special Bitcoin mining systems during the next two years. Once fully established and operational, the NCDC plans to manage 15 percent of the global crypto market.
A local news station shared that the main reason for the Bitcoin mining company moving to that area is that it can provide cheap and reliable electricity. One of the main focuses of the New York Power Authority is to leverage the value of hydropower to improve the local economy. One of the factors it looks at when considering a request is the amount of jobs it can create as a result of the allocation.
This new Bitcoin mining business will operate 24/7, and NCDC says it plans to hire 75 full-time employees this year and next year, equaling at least 150 employees. Positions would include installers and operational staff, security personnel, IT techs and electricians, to name a few. Average wages are expected to equal $46,000. This new location, if all goes according to plan, will be just south of Canada.