Coinmint opens Bitcoin Mining Complex in Upstate New York

Crypto mining firm Coinmint declared it is to open a cryptocurrency mining plant in an abandoned smelter previously used by Alcoa in Massena (New York)
08 June 2018   2085

Coinmint received the approval in January of this year to found a Bitcoin mining farm in the 1,300-acre facility that was once an aluminum smelting plant in Massena, New York. Alcoa hold the plant before shuttering its operations in 2013. Then Alcoa had been looking for new renters for the facility.  Coinmint secured a 10-year lease agreement with Alcoa, plus an option to renew. As claimed by the company, in the next 18 months it will put up to $700 Million in the project. 

The 1300-acre, 435-megawatt site in Massena, New York, maintains the largest capacity from a digital currency data center in the world. In addition to the $50+ million USD of investment to date, the company will invest up to $700 million USD in its new site, creating an estimated 150 plus jobs over the next 18 months.
Coinmint,
Official Statement

Mining operations are already kept in the facility and will go on under the leading of a new Coinmint subsidiary, the North Country Data Center Corporation. The firm is aimed on investing about $700 million in repurposing the plant into one of the largest Bitcoin mining centers in the world. The 435-Megawatt complex is supposed to be accomplished in the next one year.

The area’s citizens and its hydroelectric power - a green alternative to the less sustainable energies used at other digital asset infrastructure data centers were the catalyst for our move and will be foundational assets for continued expansion. The reduced electricity costs will enable us to compete in the rapidly emerging digital currency global marketplace.
Kyle Carlton,
Spokesman, Coinmint

The BTC price has substantially decreased in 2018. Nevertheless, it seems miners aren’t scared off from continuing to mine this cryptocurrency. Actually, the price of BTC has fallen by more than 30 percent since the end of negotiations between Alcoa and Coinmint.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   148

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.