Silicon Valley argues that Wall Street focuses too much on near-term profits — but investors have embraced money-losing biotech IPOs.Marketsread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
More tit-for-tat tariffs in the U.S.-China trade war could set the global economy up for a recession, according to Morgan Stanley.Marketsread more
A sell-off in chip stocks intensified following a report that chipmakers are cutting ties with Huawei after the Trump administration's ban.Marketsread more
A series of tweets Monday marked the latest chapter in Trump's decadeslong effort to refute published reports that his previous financial problems have rendered him an...Politicsread more
President Trump stands a chance of creating a new economic world order in his China trade fight, says the chief economic advisor of Allianz.Economyread more
Sens. Mitch McConnell and Tim Kaine introduced a bill Monday that would raise the minimum age to buy tobacco to 21 in hopes of curbing what regulators are calling an...Health and Scienceread more
McGahn is cited more than any other witness in special counsel Robert Mueller's 448-page Russia report.Politicsread more
Ford Motor said Monday that it is laying off about 7,000 salaried workers, about 10% of that global workforce, as part of a restructuring plan designed to save the No. 2...Autosread more
Despite high criticism from fans, the final episode of "Game of Thrones" shattered single-night viewing records Sunday, with 19.3 million tuning in to watch the finale.Entertainmentread more
Restaurants are thinking outside the box to attract and retain talent. A report from TDn2K, a restaurant analytics firm, finds that employee vacancies are a major concern for...Restaurantsread 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."