Bitcoin Mining is heading to Small towns in US
Massena is a small town which represent the loss of American dream. Towns such as Massena were the chief drivers behind the American growth throughout the 20th century.
Now with the catalyzed globalization, they are the one on the losing side. Once upon a time great companies such as Alcoa. Aluminium giant and General Motors, the automobile giants provided them with jobs.
With the migration of these companies and others such as Reynolds metals, they practically were reduced to ghost towns. Cities like Massena represent the forgotten America which has formed the nucleus of Donald Trump coalition which delivered him the White House.
Everyone was convinced that the jobs are not coming back to these ghost towns. But looks like crypto rush is reaching and providing these towns with out of box solutions to their woes.
It was a hydropower project which powered Alcoa once upon a time. Now Hong Kong based Digital Skynet Ltd. Is in Massena because it wants to exploit this cheap energy for mining.
Massena Town Supervisor was shocked when many of the crypto companies and individuals rushed to them for mining. According to Steven O’Shaughnessy, “They need lots of power and trust that we will be able to provide them that”.
And he was very happy that they can do it. The incoming of any type of jobs is a relief to these towns. And these firms are ready to pour millions of dollars in mining businesses.
Many incoming investors plans to convert the Massena and the nearby towns into the Silicon Valley of the Cryptocurrency. However the huge electricity utilization has already raised some eyebrows.
New York State Senator has already raised the cost of utilizing so much electricity without providing enough jobs. It is reported that worldwide mining alone consumes 0.5% of all electricity now.
Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.