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Coinmint to Spend $700 Million on New Bitcoin Mining Center

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A matter of kilometers from the Canadian border and the hubs of Ottawa and Montreal, stands the small town of Massena, NY. The population is just over 12,000. But now, a 10-year lease deal will see a $700 million Bitcoin mining center opened, which is expected to become the largest of its kind in the world.

Alcoa, one of the world’s largest producers of Aluminium, is a multinational giant, worth over $15 billion, headquartered in Pittsburgh. But it closed its smelting operation in Massena several years ago, leaving behind an empty 1300-acre plot. Now, thanks to an agreement on a 10-year lease, that plot will once again become a hive of activity, as Coinmint are due set up a massive Bitcoin mining center on site, which will see 150 new jobs created so that Coinmint can take on its global competitors in terms of capacity, while making use of the notoriously cheap wind and hydroelectric power in the area.

Indeed, operations have already become – to an extent – on the site, with full capacity anticipated for the end of the year. And Coinmint have promised to tap into local resources too, hiring many of the personnel required to run a plant from Massena itself. Steve O’Shaugnessy, the Massena town supervisor, was excited to welcome Coinmint to the town, saying:

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.

Currently, the estimated price to mine one Bitcoin varies wildly, from around $500-$1000 all the way up to $25000, depending on location and energy costs.

Image Credit: Deposit Photos

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