Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Kudlow pointed to strong retail sales and low unemployment as signs that the U.S. economy remained strong.Marketsread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
The MacBook Pro recall and its subsequent ban from flights underscores the increasing brand risk from problems with lithium-ion batteries.Technologyread more
Experts say the timing of Amazon executives' contributions to Rep. David Cicilline likely reflect the company's heightened urgency over growing regulatory scrutiny.Technologyread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
Coinbase security chief Philip Martin explains, "Possession of a key is possession of your currency. What that means is that you can't revoke a cryptocurrency key, if that key...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
The Supreme Court could strike down the constitutionality of the Consumer Financial Protection Bureau, an agency Elizabeth Warren has likened to her child and which Justice...2020 Electionsread more
Bianco Research's James Bianco suggests Wall Street is desperately looking for a signal that a 50 basis point cut is coming next month.Trading Nationread more
Despite bitcoin's price decline this year, a cryptocurrency "mining" company is moving ahead with plans to repurpose a 1,300 acre plot once used by Alcoa for aluminum smelting.
Coinmint said Tuesday it would invest up to $700 million in the upstate New York location, which it expects to be the biggest bitcoin mining center in the world. The project will create an estimated 150 jobs over the next 18 months.
After Alcoa shuttered its aluminum smelting operation there four years ago, the company was looking for a tenant. Following some back and forth and a few months of discussions, Coinmint said it signed a 10 year lease with options to renew.
Since they penned a deal, bitcoin prices have dropped about 30 percent and are down nearly 50 percent this year, according to data from CoinDesk.
"As long as bitcoin network exists we anticipate mining to be profitable," said Coinmint's Chief Technology Office Prieur Leary. "We've developed a process to get an edge in the market."
Part of that process was the move to Massena New York, just south of the Canadian border.
The town has access to clean and cheaper power alternatives like hydroelectric and wind. Leary pointed out that each computer used to "mine" generates 1400 watts — the same as one hairdryer. With hundreds of thousands of these hot machines operating at once, upstate New York's climate is ideal for reducing air-conditioning costs.
Cryptocurrency "mining" is essentially math done by high-powered computers. In order to trade bitcoin, transactions need to be verified through complex math equations, then and added to what's known as a "distributed ledger." In return for solving equations "miners" receive bitcoin.
Operations are already underway at the former Alcoa East Facility complex, and are projected to be at full capacity within a year. The 435 Megawatt mining center is expected to be the world's largest digital currency data processor, based on capacity, Coinmint said.
Most of Coinmint's competitors are overseas. Bitmain is the leader in the industry, and raked in record profits as bitcoin skyrocketed to almost $20,000 last year. The Chinese company likely made as much $3 billion to $4 billion in operating profit in 2017, as much as chipmaker Nvidia did last year, according to Bernstein analysts estimates.
Coinmint is looking to hire around-the-clock staff, and plans to tap the local community to hire staff from security personnel to electricians, to highly- trained IT staff.
"We in Massena, would like to welcome Coinmint to our town," Steve O'Shaughnessy, Massena Town Supervisor said in a statement Tuesday. "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."