Massena, N.Y., Town Supervisor Steven O’Shaughnessy believes that cryptocurrency miners could bring much-needed jobs to the community. He emphasizes that they require a significant amount of power, which the town can provide. Massena, located on the northern border of New York state, was previously driven by the aluminum industry, but has recently experienced job losses due to downsizing and closures. Bitcoin mining involves using powerful computers to verify transactions and earn new coins. Digital Skynet Limited, a Hong Kong-based company, has set up a mining operation in Massena, utilizing an old factory and employing 20 people. They hope to expand and create a digital currency innovation hub in the town, generating hundreds of jobs. However, concerns remain about the sustainability of cryptocurrency mining in terms of electricity consumption and the volatility of the market. Lex Sokolin, a financial futurist, suggests that developers will eventually find a more energy-efficient way to mine digital coins. Despite the uncertainties, Massena sees this as an opportunity to establish its position in the digital currency industry.
