- US Bitcoin Corp is a bitcoin mining company that has reached a tentative agreement with the City of Niagara Falls to restart operations.
- The miner will need to comply with strict measures, including noise reduction and permit applications, as well as pay upfront and compliance fees.
- The Niagara Falls City Council still needs to approve the agreement.
US Bitcoin Corp Reaches Agreement With Niagara Falls
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.
Requirements for Restarting Operations
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.
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,” the report details.
Fees & Reimbursement
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 the $50,000 upfront fee, US Bitcoin would be required to pay the city a $100,000 compliance fee within 30 days of the agreement’s effective date.
The company would also be required to reimburse the city for $180,000 in attorney fees and costs tied to its enforcement action against the company, as listed in the agreement.
City Council Approval Needed
The Niagara Falls City Council still has to approve