Coinmint, a cryptocurrency mining company, has decided to invest in the construction of a new mining center in New York, despite the current price dump that makes mining unprofitable in certain areas. The new mining center will be the biggest known mining complex of the whole world. This according to an article published by CNBC.
Coinmint is a cryptocurrency mining startup that will offer cloud mining services to select customers. They are investing more than 700 million dollars adapting an old aluminum plant in the town of Messina to be able to support the operations of a large mining datacenter. The location is ideal for a mining center because New York can provide hydroelectrical energy to the site; a type of energy that is cleaner and cheaper to produce than other alternatives.
They have already starting to work on the facility and they have posted videos showing the process of turning the aluminum smelting plant into a modern data center to house thousands of mining rigs.
Coinmint’s Chief Technology Office Prieur Leary has declared that, despite the recent state of the cryptocurrency market, they still have trust in the cryptocurrency mining business: abut this, he stated:
“As long as bitcoin network exists we anticipate mining to be profitable,” “We’ve developed a process to get an edge in the market.”
But actually, prices have come down to near breakeven level, and mining is profitable just in selected places right now.
The plant will provide more than 150 jobs to revitalize the economy of the town of Messina. The cryptocurrencies that the complex will mine are Bitcoin, Dash, and Ethereum, and it is expected to be fully completed in the next year.