The Silicon Review ^Asia

The USA based cloud mining provider, Coinmint has confirmed that it will go ahead with its proposed plan to open a cryptocurrency mining plant at its newest crypto mining facility in Massena, New York.

According to Coinmint, the decision was approved in February this year with an investment of $700 million. And now, the company is looking forward to turning the 435-megawatt site into the biggest cryptocurrency mining plant in the globe.

The mining site was previously owned by Alcoa (a former aluminum smelting plant) with an area of 1,300-acre. Currently, Coinmint operates under its own subsidiary, North Country Data Center Corporation which has already mined various cryptocurrencies like Bitcoin, dash, and ether.

“We in Massena, would like to welcome Coinmint to our town,” said Steve O Shaughnessy, Massena Town Supervisor. “The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting and what we have been working for. We are ready to provide any assistance we can to move this project to its full potential.”

Coinmint believes that this move may transform the cryptocurrency in a positive manner.

“Current Bitcoin prices affect the value proposition. That being, we are very comfortable with current metrics, given our technology and infrastructure,” said, Prieur Leary, CTO of Coinmint.