New York wants a piece of the bitcoin mining market, securing for its residents revenues and jobs that come along with the electricity intensive process.
- > The New York Power Authority has approved the allocation of 15,000 kilowatts of hydroelectric power to a new bitcoin mining venture, Coinmint
- > Coinmint, currently owns a bitcoin mining facility in Plattsburgh, but will want to expand its buisness to a second facility. With strong conviction that CryptoCurrency market will continue to grow worldwide.
- > Coinmint is set to invest at least $165 million and the creation of 150 new jobs in connection with the proposed project.
- > The plan will involve renovating a former metal smelting facility in Massena, and the installation and operation of up to 180,000 specialized bitcoin mining systems within two years.
- > The main reason for the bitcoin mining business to come to the area is that it can offer cheap and reliable electricity. And the New York Power Authority is also aware that this new project will boost the local economy and give provisions of job.
- > And lastly the new bitcoin mining facility is planned to operate around the clock, and NCDC indicates it would hire 75 full-time employees in 2018 and 75 in 2019 for a total minimum employment force of 150 employees. The jobs would include security personnel, IT technicians, electricians, installers and operational staff, with an average wage of $46,000.