Businessman Adam Weitsman is spending millions of dollars to launch a cryptocurrency mining site in Tioga County.
Weitsman has acquired a massive industrial building in the town of Owego to serve as the site for the new facility. The property, which had been used by Harvard Custom Manufacturing, was owned by an entity controlled by the Matthews family.
The first of thousands of crypto “mining rigs” have been installed inside the building which is located next to Weitsman’s metal recycling facility off Route 38.
Weitsman said the operation, which will be developed over the next year, will mine bitcoin and three other cryptocurrencies.
Speaking on WNBF Radio’s Binghamton Now program Monday, Weitsman estimated the short-term investment in the project at about $25 million. He said “I could see it ramping up to maybe $100 million… something like that.”
Weitsman said he expects it will take one or two months to get the first 2,500 miners hooked up. He said the initial work has gone smoothly.
Solar panels are to be installed on the roof and in a field behind the building to help power the operation. Weitsman said he’s planning to use “100 percent renewable energy” for the facility.
The site ultimately could house between 30,000 and 35,000 mining units.
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