The mining in the cryptographic market, including Bitcoin, has long been a pretty big business. The most important thing in mining is, of course, reducing the cost of electricity needed for mining. For this reason, Iceland also finds areas with cheap electricity rates. However, in some developed nations, some cities in the United States are well suited to mining.
Machina, northern New York, has thrived in the past as the steel industry, aluminum smelting and aviation. However, as the wage increases and related industries have all moved out of the region, the region has now become a declining area with the largest unemployment rate in New York.
In 2016, Coinmint and other cryptographic companies have begun to enter the bustling region. Coin Mint paid attention to Mercina because the electricity rate is overwhelmingly cheap. It is the result of hydroelectric power using the St. Lawrence River dam near the Canadian border. Thanks to this, the area is the cheapest electricity rate in the United States. In fact, the prosperity of the aluminum smelting industry in the past has also been due to the nature of this industry, which requires this massive electricity supply.
A cryptographic mining company that noted the disappearance of the aluminum industry, set up a mining plant near Machin when bitcoin prices skyrocketed. When Bitcoin was not widely known yet, it started digging a factory to dig a digging machine that consumes electricity twice as much as a typical refrigerator.
As the bitcoin market continued to grow, Coin Mint bought its own warehouse to grow its business. The mining plant consumes 13mW of electricity. This is comparable to 10,000 household electricity demand.
Coin Mint, which consumed a large amount of electricity in 2017, surpassed the supply of electricity and purchased relatively cheap additional electricity, but the electricity tariff rose. Coin mint is already estimated to have earned more than $ 50 million due to the rise in bit coin prices. However, some mining companies raised profits by consuming large amounts of electricity, but other residents and companies were forced to pay the cost of rising electricity bills. A nearby Pittsburgh company said its electricity bill rose 30 percent.
Eventually, the Mayor of Plattsburgh, where the Coin Mint plant is located, took a business stoppage at Coin Mint last March. The reason is that while the cryptographic market is a promising business, ordinary citizens who do not yet know the value of cryptographic money do not suffer unilateral losses. Coin Mint, of course, negotiated with the New York Electric Power Corporation early this year and agreed to sign a 15mW auxiliary power supply contract. This is similar to the low-cost power supply contracts that the Aluminum and General Motors factories in the past have had. However, it includes an additional requirement to hire 150 people in the Machina region.
In fact, there are many questions about whether it is really appropriate to consume electricity. But in Machina, there are not many people who do not know about the structure of cryptography, but there are many people who welcome it. In this region where the largest employer was a jail or casino, there is a voice that the money can be a savior for local revival that will create many jobs.