Despite bitcoin and altcoins fell in price in 2018, Coinmint invests hundred millions of dollars in the reconstruction of the former aluminum plant in the New York State.

The plant in Massen in the state of New York, spread over 5.2 thousand hectares, will turn into a major mining center. Coinmint will rebuild the former aluminum plant, investing in the project $700 million. According to the company, the mining center will create about 150 new jobs in the next 18 months.

Coinmint does not purchase a plant from Alcoa, but leases it. The agreement with the aluminum producer was signed on 1 December 2017, when bitcoin was trading at $11,000.

Despite bitcoin price drop, Coinmint's Chief Technology Office Prieur Leary said that the company expects that the mining will bring profit.

"We've developed a process to get an edge in the market."

The plant has access to cleaner and cheaper alternative energy sources, such as a hydroelectric power station and wind turbines. It is expected that the energy consumption of the mining center will be 435 MW, which will make it the largest in the world.

Currently the largest mining plants are located in China and are owned by Bitmain. In 2017, it received, according to analysts of Bernstein, $3- $4 billion in operating profit.

The local administration of Massen welcomed the mining project of Coinmint, positively assessing the prospect of creating new jobs.