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   1753

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.

VanEck & SolidX to Withdraw BTC ETF Application

Bitwise and Wilshire Phoenix' Bitcoin applications are still pending
18 September 2019   207

The bid for Bitcoin ETF launch by VanEck and SolidX, considered the most likely candidate for approval, was withdrawn amid continuing uncertainty from the US Securities and Exchange Commission (SEC).

VanEck and SolidX planned to place their Bitcoin ETFs on the Chicago Options Exchange (Cboe). However, as follows from the notification published on Tuesday, on September 13, the latter withdrew the application for a change in the rules, which, if approved, would allow launching the corresponding tool.

Previously, SEC postponed the solution several times at the request of VanEck and SolidX. The last time this happened in August was when the decision on Bitcoin ETFs from Bitwise Asset Management and Wilshire Phoenix was also postponed.

The final deadlines for decision making on Bitwise and VanEck / SolidX applications were on October 13 and 18, respectively. Wilshire Phoenix's decision is due on September 29th.

It should be noted that over the past few years, various companies have sought approval from the SEC to launch exchange-traded funds, but each time the regulator refused. Most often, the reasons for the negative decision were explained by the risks of market manipulations and insufficiently developed market control tools.