Category Archives: Coinmint

Auto Added by WPeMatico

US Defence Department Facility to Become Crypto Mining Data Center

A Nevada-based cryptocurrency investment company is planning to convert a US Department of Defense facility into crypto mining data center.

The company, Wuhan General Group (China) Inc, has seized the opportunity to use the redundant facility, originally called the Defense Department Data Center, for its mining project which will eventually be able to tap into a power supply able to support a total of 1,300 mining rigs.

Amid stiff competition around the world, companies are finding it increasingly difficult to find locations suitable for Bitcoin mining. The US has seen a flurry of activity this year with numerous outmoded plants being readapted for crypto mining.

Many aluminum sites around the country have been readapted towards utilization for mining. Alcoa World Alumina and Chemicals (AWAC), with customers in China, the United States, Europe and Brazil, have notably seen some of their old operational US sites for aluminum processing go.

Bitmain has been creating mining supersites, mining farms on a scale never seen before. Other major cryptocurrency mining firms like Coinmint are also building similar sites. Ramy Kamaneh, Wuhan General Group’s CEO, maintains that it was just a matter of time before the company seized the opportunity to become another overseas company to mine in the US:

“We had planned to build this operation three months ago, but with the bearish cryptocurrency market, we took a step back to reassess our strategy. The decision to wait for market stability was a good one, especially considering many cryptocurrency machines are no longer profitable in the current market.”

Once negotiations have been completed, the first 1,300 rigs will be installed in October, followed by the potential to add 12,000 more rigs in 2019. The initial installation according to the company should create a monthly revenue of USD 3.5 million.

The challenge for industrial-scale crypto mining in the US as the sector moves forwards is to develop more sustainable methods of operating, such as utilizing more hydroelectricity. A good example of how this can be both profitable and ecologically sound is DPW Holdings new Installation at Valatie Falls, New York, and geothermal plants in Iceland.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post US Defence Department Facility to Become Crypto Mining Data Center appeared first on BitcoinNews.com.

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.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Aluminium Sites Revamped As Search for Crypto Mining Locations Increase appeared first on BitcoinNews.com.

New Power Rate Approved for Upstate New York Crypto Miners

Regulators in New York state have given approval to a new electricity rate scheme for cryptocurrency miners.

In response to the permission given earlier by New York state to 36 municipal power authorities to charge higher rates to crypto miners, the Massena municipal utility has come up with its own plan.

A new rate structure will allow crypto miners operating there to negotiate their own contracts to pay a “fair price”. The utility has said that miners will be able to do this on a case-by-case scenario, which is designed to protect other consumers from inflated rates. New York State Department of Public Service Chair John Rhodes said in a statement:

“We must ensure that business customers pay a fair price for the electricity that they consume. However, given the abundance of low-cost electricity in Upstate New York, there is an opportunity to serve the needs of existing customers and to encourage economic development in the region.”

New York is a haven for cheap power due to its hydroelectricity facilities, with residential consumers paying substantially less than the national average of USD 0.13 per kilowatt hour. This has consequently led to an increase in cryptocurrency mining with other companies attracted to the low rates.

One of these is crypto company Coinmint, who recently announced its plan take over a former Alcoa aluminum smelting facility in the state, a move that would make it one of the world’s largest cryptocurrency mining centers, as Bitcoin News reported.

The smelting plant, located in Upstate New York, signed a deal with crypto-mining company Coinmint to install one of the world’s largest cryptocurrency mining centres there. 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.

In March, authorities in Plattsburg New York expressed concerns about new mining operations in the city and passed a moratorium on the activity. This was after it was revealed that the city was reportedly using 10% of Plattsburg’s power allocation in January and February.

Across the border, in order to regulate mining activities in Quebec, Canadian utility Hydro-Quebec has suggested a plan by which blockchain companies would be required to bid for electricity and quantify expected job creation and investment. If implemented, miners would be paying 20% above the standard state rate.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post New Power Rate Approved for Upstate New York Crypto Miners appeared first on BitcoinNews.com.

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.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

The post Coinmint to Make Alcoa Smelter One of World’s Largest Crypto Mining Centers appeared first on BitcoinNews.com.