A $251 million cryptocurrency mining farm is going to be built in Montana.
Power Block Coin’s proposal to build a campus of high-powered data centres outside of Butte, Montana, was given the green light on Wednesday.
The Butte-Silver Bow Council of Commissioners voted unanimously (9-0) to allow the company to go forward with the plan.
According to Newsbtc, of the $251 million investment, $8 to $10 million will be spent on new electric infrastructure. $60 million will be spent on between 70 to 200 separate mining units which will use power transmitted through a new substation.
The company expects to break ground this summer and then have the first data center operating within 30 to 60 days.
Aaron Tilton, president and chief executive officer of Blue Castle Holdings, Inc., told The Montana Standard that the company could support other businesses that require large amounts of power.
“Bitcoin is the fastest growing segment of cryptocurrency. If it tanks, the same processors can be used for medical research or AI (artificial intelligence),” Tilton said.
Montana’s climate makes it an attractive place for cryptocurrency miners to open shop. Because the state is cold for such a long period of the year cryptocurrency miners in the area do not need to spend so much on cooling their equipment compared to other regions.
A cryptocurrency is a type of digital currency, i.e., one that exists purely electronically. Bitcoin, the first and most common cryptocurrency, went into circulation in 2009.
The big question now is whether digital currency is the money of the future or a fad that will soon die out.