Cryptocurrency mining makes use of former paper mill – Spectrum News 1
CLEVELAND — The site of a paper mill that once employed hundreds of people is now home to hundreds of computers mining cryptocurrency.
Standard Power is transforming Coshocton’s former mill into a co-mining facility.
What You Need To Know
- Standard Power is redeveloping a former paper mill into a co-mining site for cryptocurrency
- Customers supply miners, Standard Power provides electricity, a secure network and monitoring
- About 1,200 miners are working at the site currently with plans to add 34 more containers full of the machines
- Miners create algorithms in an attempt to add another sequence to the cryptocurrency’s blockchain, unlocking a percentage of the digital currency’s value
“We want to prove to people that cryptocurrency is not a fad, it’s more like a lifestyle,” said Standard Power Senior Site Director Sean Lymon.
Lymon oversees the facility and keeps a close eye on the machines, called miners. He said inside are graphics boards and small CPUs to make algorithms.
“They try to find the correct sequence to add itself to the blockchain,” he said, pointing to one of the devices. “If this particular model helps along the chain, it gets a percentage of that.”
Customers provide the miners, then Lymon and his team provide electricity, a secure network connection and constant monitoring.
“Miners do not take holidays off, or vacation or call in sick,” he said.
He said each shipping container full of miners uses about 1.2 megawatts of electricity.
“It’s not as much power as everybody thinks,” Lymon said. “We’re not draining power from the grid to get a miner going.”
He said Standard Power is working on firing up an existing substation on the site to provide additional electricity for both the site and the city. The company is in the process of demolishing most of the existing paper mill structures to clear space for an additional 34 shipping containers of miners and a data center.
“We don’t do paper anymore because that’s not cool,” said LAN/WAN Administrator Quentin Wherley. “That’s not what the people are interested in. We’re here to bring jobs and we’re here to be at the forefront of technology.”
Wherley said he monitors all the network traffic and makes sure the miners’ connections are maintained. It’s a position that combines his love for tech and the community.
“I’m very passionate about my city and I’ve always had a knack for technology,” he said.