Category Archives: ALCOA

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Aluminium Sites Revamped As Search for Crypto Mining Locations Increase

It appears that old Alcoa aluminium facilities are being put to good use, as one more is now earmarked for cryptocurrency mining.

Alcoa World Alumina and Chemicals (AWAC), with customers in China, the United States, Europe, and Brazil are letting some of their old operational US sites for aluminium processing go. The last to be utilised for a completely different type of product was the company’s aluminium smelting facility in New York State with crypto company Coinmint’s new installation making it one of the world’s largest cryptocurrency mining centers.

The smelting plant in Upstate New York has signed a deal with Coinmint, offering the facility on a 10-year lease, with an option for renewal. The cryptocurrency mining company is investing about USD 700 million into this new facility which is expected to bring in over 150 new jobs to the nearby town of Massena.

Bitmain is now in on the action, using a $500 million investment to construct another facility for crypto mining in Rochdale, Texas. The new operation is said to be viable for 7 years, adding to the local and state economy. According to Bitmain’s press release, the new construction on the old Alcoa Rockdale Operations site is underway and hopefully be ready in early 2019. The new Bitmain facility will be bringing 400 local jobs to the economy in the first 2 years.

The company is already recruiting employees for its data center in Rochdale and is seeking senior management, sales and finance specialists, engineers and technicians. Bitmain also plans to work with local schools and educational programs in order to prime locals for possible employment over the next few years as the data center develops and expands. Jeff Stearns, executive vice president and director of operations at the company, commented:

“Bitmain is truly honored to announce this news and is excited to work with local partners, government and stakeholders in realizing this vision, throughout the initial set-up phase, operations and beyond.”

Amid stiff competition around the world, companies are finding it increasingly difficult to find locations suitable for Bitcoin mining. The revamped Alcoa plant promises to be a boon for this particular local community at least.

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Coinmint to Make Alcoa Smelter One of World’s Largest Crypto Mining Centers

Crypto company Coinmint is to take over a former Alcoa aluminum smelting facility in New York State, a move that would make it one of the world’s largest cryptocurrency mining centers.

The smelting plant located in Upstate New York has signed a deal with crypto-mining company Coinmint, to install one of the world’s largest cryptocurrency mining centers in Upstate New York, reports Bitcoinist. The 10-year lease, with options to renew, will give Coinmint the opportunity to invest USD 700 million into its new facility, expected to bring over 150 new jobs to the nearby town of Massena.

Among stiff competition around the world, companies are finding it increasingly difficult to find locations suitable for Bitcoin mining. Iceland has become the mining location of choice due to its cheap geothermal resources, but already miners are using more than the country’s citizens do, and now Venezuelans are turning to Bitcoin mining in order to combat hyperinflation. Mining companies’ biggest costs come from the electricity needed to power and cool the hardware in the process.

The US struggles to compete with countries like China where most of the world’s mining is done, due to cost.  New York state residents and lawmakers have mixed feelings; in March 2018, the town of Plattsburgh, NY, which is only 80 miles east of Massena, issued an 18-month moratorium against crypto-mining operations in the town.

Plattsburg mayor Colin Read has not been impressed with the intended arrival of a new mining center. He regards them as no more than a public nuisance, consuming the town’s power and giving no impetus to local employment prospects; a key factor in mining institutions proposals to local communities. He comments, “The mining companies? They hire a security guard and a guy who comes when something breaks.”

Coinmint remains confident in their plan, as stated by its CEO Prieur Leary: “As long as the Bitcoin network exists we anticipate mining to be profitable. We’ve developed a process to get an edge in the market.”

Coinmint has signed with the  New York Power Authority and the New York Independent Systems Operator, giving it access to 435 MW of clean hydroelectric power from the St Lawrence River. The region’s cooler climate was an incentive to select this region of Upper New York State as a location for the new site.

 

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