Popular mining industry Coinmint has received approval for 15000 kilowatts of hydroelectric power from New York Energy Authority.
The company is currently operating in Plattsburgh for Bitcoin mining and expects the cryptocurrency market to grow worldwide and therefore seeks to expand its business to a second facility.
As per the plan of the proposal, the allocation of energy would support a capital investment of at least $165 million and the creation of 150 new jobs in relation to the proposed project.
According to a local television news report, the main reason for the bitcoin mining business to reach the area is that it can offer cheap and reliable electricity.
The New York Energy Authority intends to take advantage of hydroelectric power to improve the local economy, and to increase the number of jobs created as a result of the assignment.
The proposed location for the new mining complex is just south of Canada, whose cold weather and cheap hydroelectric power are a big draw for Chinese bitcoin miners
Join the newsletter to receive the latest updates in your inbox.