The approval of the Department of New York electric power supply to the bitcoin mining company, will boost the local economy

The approval of the Department of New York electric power supply to the bitcoin mining company, will boost the local economy

 

February 7th – New York wants to enter the bitcoin mining market, and provide power related work and income for the residents. Bitcoin mining could even help to revive the once industrial pollution industry depends on the local economy.

New York Power Administration (NewYorkPowerAuthority) approved will provide 15 thousand kilowatts of hydro electric power for the Coinmint company’s new bitcoin mining enterprises. Coinmint is currently operating in Plattsburgh with a bitcoin mine, the company expects the crypto currency market will continue to grow in the world, so you want to set up second mines to expand their business.

According to the bill, the power allocation will be sufficient to support at least $165 million in capital investment, and create 150 new jobs related to the proposed project. The project plans to rebuild an old metal smelting plant in Massena, and the installation and operation of up to 180 thousand in two years a bitcoin mining machine. Once completed and is expected to be fully operational, NCDC can handle 15% global encryption currency business.

According to local TV news reports, bitcoin miners into the area is the main reason can provide cheap and reliable power. New York electric power bureau is working with the hydraulic power value to improve the local economy, in the evaluation of an application, the number of distribution as a result of the jobs is one of the factors to consider.

The new bitcoin refinery plan all-weather operation, NCDC said, will be in 2018 and 2019 to hire 75 full-time employees, in order to provide employment for the minimum requirements of 150 employees. These include security personnel, technical personnel, IT electrician, installation personnel and operating personnel, the average wage is about $46 thousand a year.

The new factory site in the south of Canada, where the cold climate and cheap hydroelectric power to China bitcoin mining companies have great appeal.