US Bitcoin Reaches Agreement with Niagara Falls to Resume Mining
• US Bitcoin Corp, a bitcoin mining company, has reached a tentative agreement with the city of Niagara Falls to restart operations.
• The agreement includes stipulations for noise reduction, permit applications and fees paid to the city.
• The agreement must still be approved by the Niagara Falls City Council.
US Bitcoin Corp Agreement
US Bitcoin Corp, a bitcoin mining company which has been operating a mining facility in the City of Niagara Falls, has reached a tentative agreement with the city to restart operations according to a report. The miner, which recently agreed to a merger with Hut 8, putting both companies under the umbrella of Hut 8 Corp., will have to comply with strict measures in order to begin operations which were halted in March by a state supreme court judge. The judge found that the operators of the facility were in contempt of another judge’s court order.
Noise Reduction Requirements
Under the agreement, US Bitcoin would be required to comply with a series of standards for noise reduction and permit applications. These include limiting noise production from the facility to no more than 65 decibels and submitting completed applications for all permits needed to comply with the city’s new “high energy usage overlay district”, as detailed in the report.
Fees & Reimbursements
They would also have to compensate the city in several ways including paying an upfront non-refundable $50,000 fee upon execution of the agreement. In addition to this fee they would be required to pay an additional $100,000 compliance fee within 30 days after signing off on it as well as reimburseing $180K worth of attorney fees and associated costs tied up in enforcement action taken against them by local authorities.
The Niagara Falls City Council still has to approve this agreement before US Bitcoin can resume their mining operations at their facility located there.