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  • Cryptocurrency Firm Touts Jobs at Falls, But Critics Worry About Power Consumption | Local News

Cryptocurrency Firm Touts Jobs at Falls, But Critics Worry About Power Consumption | Local News

By on January 30, 2022 0

“We came here in 2019 knowing from the start that we wanted to grow this business organically, not by being a net taker, but a net contributor to the community we were coming into,” Martini-Lo Manto said.

In cryptocurrency mining, a wide range of supercomputers perform a long chain of complex calculations, necessary to ensure the security of transactions in digital currency.

The inventors of Bitcoin and other cryptocurrencies envisioned them as a store of value independent of government-issued currencies, and as a way for people to make direct payments online without involving a bank or other third party. .

Three North Tonawanda residents and the Sierra Club filed a lawsuit on Monday, attempting to overturn the Planning Commission’s approval of a bitcoin mining project.

Last month, Niagara Falls imposed a 180-day moratorium on approvals or permits for cryptocurrency businesses. At the time, Restaino said it allowed the city to shut down outdoor operations that had not received site plan approval.

This affected US Bitcoin, which for the past year has been mining data inside and in front of the former DuPont factory on Buffalo Avenue.

bitcoin fans

Several giant fans were seen on Dec. 7, 2021, above the fence along Buffalo Avenue in Niagara Falls at the US Bitcoin facility in the former DuPont factory.

Thomas J. Prohaska/Buffalo News

Restaino said the city sent inspectors there and found code violations inside and out.

The company’s co-founder and chief operating officer, Asher Genoot, said US Bitcoin remains in business, but he said he couldn’t divulge full details. The cooling fans atop the server stacks along the street are still spinning.