A significant strategic partnership has been announced that will drive the expansion of a large-scale Bitcoin mining operation in Massena, New York. Coinmint, the parent company of North Country Colocation Services (NCCS), has finalized an agreement with NYDIG, a financial services firm focused on Bitcoin, to invest in and grow the mining facility located at the former Alcoa East plant.
This collaboration is expected to create a substantial number of new jobs in the North Country region over the next several years. The expansion plan reinforces a long-term commitment to local economic growth and workforce stability.
Expansion Plans and Job Creation
The local Bitcoin mining operation currently employs approximately 85 full-time workers distributed between the Massena facility and a smaller site in Plattsburgh. The new investment is set to significantly increase this number, though specific hiring targets and timelines are still under development.
David Fogel, CEO of NCCS, emphasized the importance of the partnership for the company’s future, stating that it provides the “necessary, long-term stability and security” for both the business and its employees. The transaction enables NCCS to move forward with an expansion project that has been in planning for over three years.
Community Impact and Economic Benefits
NCCS is one of the largest taxpayers in St. Lawrence County and has historically supported local institutions and events. The company has contributed to the Massena Fire Department, Massena First Responders, Massena Central School District, and various charitable festivals and organizations.
The expansion is expected to amplify NCCS’s role as a community benefactor. Furthermore, the company plans to source from local and regional suppliers for facility upgrades, providing an additional boost to the North Country economy.
Employee Recognition and Bonus Announcement
During a special town hall event on October 16, NYDIG and NCCS leadership announced a one-time bonus for all employees. A $500,000 pool will be distributed to workers based on their length of service, in recognition of their role in the company’s success.
Tejas Shah, CEO of NYDIG, praised the operational excellence of the NCCS team, calling the Massena facility a “premier Bitcoin mining facility in the country.”
Infrastructure and Technical Upgrades
The current facility operates 54,000 miners—specialized computer servers that process Bitcoin transactions—across four former smelting lines. There are plans to potentially utilize all six available lines, each nearly the length of five football fields.
NCCS currently draws 166 megawatts of power from its allocated 435 megawatts from the nearby Moses-Saunders dam, leaving considerable capacity for growth. Key technical improvements will include:
- Transitioning to more energy-efficient mining machines.
- Installing advanced rack systems for better miner density and maintenance.
- Upgrading electrical systems, cranes, and other facility infrastructure.
These enhancements are designed to increase mining efficiency and operational capacity. For those interested in the technology behind such operations, you can explore more about mining infrastructure.
Regulatory Background and Future Outlook
The partnership was finalized after the Massena Town Board adopted updated regulations for data mining and cryptocurrency operations. This cleared the way for the expansion project to proceed.
While no specific financial figures or completion dates have been disclosed, leadership from both companies expressed strong confidence in the project's transformative potential. The focus remains on long-term growth, sustainability, and community engagement.
Frequently Asked Questions
What is Bitcoin mining?
Bitcoin mining is the process of verifying transactions and adding them to the public ledger (blockchain) using powerful computers. Miners are rewarded with new Bitcoin for their computational work, which also secures the network.
How does this expansion benefit the local community?
The expansion is expected to create new jobs, increase local tax revenue, and provide more business for regional suppliers. NCCS has a history of supporting local charities and institutions, which is likely to continue and grow.
What kind of upgrades will the facility undergo?
The plan includes replacing older mining machines with newer, more efficient models, installing rack systems to replace some shipping containers, and upgrading electrical and hardware infrastructure to support greater capacity.
Who is NYDIG?
NYDIG is a New York-based financial services and infrastructure company that specializes exclusively in Bitcoin-related products and services, including financing, mining support, and investment solutions.
Is cryptocurrency mining energy-intensive?
Yes, it requires significant electricity. This facility sources power from the Moses-Saunders hydroelectric dam, which provides a more sustainable energy mix compared to locations reliant on fossil fuels.
Will there be more hiring soon?
While significant job growth is anticipated over the next several years, the exact number of positions and hiring timeline will be determined as the expansion plans are finalized.