Coinmint to spend $700m on cryptocurrency datacentre

US-based Coinmint is building the world’s largest digital currency datacentre in an abandoned steel factory in upstate New York.

“The start of operations is a key milestone towards the Massena site reaching its full capacity,” says Coinmint spokesman, Kyle Carlton. “The area’s citizens and its hydroelectric power, a green alternative to the less sustainable energies used at other digital asset infrastructure datacentres, 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.”

Coinmint has inked a 10-year deal for the 1,300-acre plot with an options for renewal. It plans to inject $700 million into the plant and create 150 jobs in the process. Massena Town Supervisor Steve O’Shaugnessy says: “We are ready to provide any assistance we can to move this project to its full potential.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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