Coinmint takes a foundry to mine crypto in New York
Coinmint takes a foundry to mine crypto in New York

Coinmint takes a foundry to mine crypto in New York

By Fabio Lugano - 7 Jun 2018

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New York State foundry converts to cryptocurrency production. It happens thanks to Coinmint.

Il mining si fa in acciaieria. Leggi l’articolo in lingua italiana.

A large aluminum foundry in the State of New York, belonging to the multinational steel company Alcoa, has decided to completely change its life and dedicate itself to mining: the company, in fact, has signed an agreement with Coinmint company that will use the foundry as a site to mine crypto.

Coinmint will invest around $700 million in the new plant despite the high volatility of bitcoin’s price, which has fallen to just over a third of its value since last January.

The new mining company will have 150 employees, most of whom will come from the city of Massena and the surrounding areas.

Conversion is part of the global competition that always seeks production with the lowest energy costs and possibly using renewable sources.

At a time when aluminum production is in crisis in several countries, including Italy, industrial substitution seems obvious. It’s even being slowed down by the sanctions on aluminum imports imposed by the Trump administration.

In this case, Coinmint signs an agreement with the Energy Authority of New York to be able to use the 435 MW of clean hydroelectric energy generated by the San Lorenzo River, thus obtaining ecological and convenient mining.

Fabio Lugano

Graduated with honors from Bocconi University, Fabio is a consultant for companies and wounded shareholders of the Banche Venete. He is also the author of "Scenari Economici", and lecturer and analyst of cryptocurrencies since 2016.

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