- California cryptocurrency mining company Plan C Cryptocurrency recently chose Fayetteville, North Carolina as its East Coast headquarters
- Mason Jappa, CEO of Blockware Solutions, told 0XZX: “In the world of mining, the transformation that happens in communities when large mining farms are deployed can be life-changing.”
Faced with increasing competition, cryptocurrency mining companies have looked to smaller U.S. communities for opportunistic new bitcoin mining facilities.
Larger cryptocurrency mining companies, including Plan C Cryptocurrency and PerceptForm, are abandoning big cities and turning to small, neglected towns to revitalize abandoned real estate and create high-paying jobs.
Antonio Bestard, CEO of Plan C Cryptocurrency, told 0XZX that vacant buildings in towns far from major cities offer cheaper real estate, in addition to the opportunity to build on local, more affordable grids.
"If everyone is going to Austin or Miami, we want to build somewhere else," Christopher Perceptions, CEO of PerceptForm, told 0XZX. "There are 50 states, so we wanted to go where no one else was."
The company offers cryptocurrency and blockchain products, including PerceptMine, a social bitcoin mining business that can tag and share a portion of revenue from facility profits.
PerceptForm is in the process of finalizing mining facilities in North Carolina, Wyoming and Wisconsin, and then plans to develop operations in 20 to 30 cities.
"Those three markets are going to be huge," Perceptions said. "If we can build there, we can go anywhere. It will provide opportunities for education, jobs and creating economic incentives."
California cryptocurrency data mining company Plan C Cryptocurrency says its choice of Fayetteville, North Carolina, as its regional headquarters will breathe new life into a 20-year-old abandoned factory. The city is home to more than 200,000 people and the state's largest military base, Fort Bragg.
"In Fayetteville, the regional headquarters will pull veterans out of Fort Bragg and train them to become plant technicians and eventually plant managers, straight out of the military," Bestad said.
“If a soldier can fix something in the middle of a battlefield, they can fix something in a cryptocurrency mining facility.”
The company is focused on serving the public grid by allowing utilities to purchase more renewable energy through their demand response programs. The Fayetteville site will be their fourth site in the state.
"We're creeping into the community and bringing them work without disrupting the area," Bestard said. "We're committed to being a noise-free neighborhood by implementing immersion mining and eliminating noisy fans."
Bestard said the company plans to create more than 200 jobs with annual salaries ranging from $60,000 to $100,000 – exceeding Fayetteville's average annual salary of $53,627, according to ZipRecruiter.
"In the mining world, the transformation that happens in communities when large mining farms are deployed there can be life-changing," Mason Jappa, CEO of Blockware Solutions, told 0XZX. "By deploying in rural areas suffering from the opioid crisis, recession or demoralization, mining entities can go in and provide healthcare, retirement plans and [the] opportunity to turn a town around."
In the past, Plan C has built facilities in El Centro, Calif. and Tarboro, N.C. Similar to the Fayetteville site, El Centro's demonstration facility extends beyond a building that has been vacant for seven years, he added. In April, it plans to expand to other towns in North Carolina, such as Wilson and Boone.
“There’s too much dead real estate. What are we running away to do, and when should we go there?” Beestad said. “We used the abandoned real estate and gave it life, and that changed the community and everything that was happening around it.”
Over the past 12 months, cryptocurrency miners have started to ramp up production in the United States after Beijing cracked down on Chinese mining in 2021. This has led some miners to move to North America, where some of the largest companies, such as Marathon Digital and Hut 8 Mining build their bitcoin reserves.
This demand continues through 2022, but cryptocurrency miners may be diversifying their revenue streams and business models, according to the Compass Point Research and Trading Report.
"The cryptocurrency mining industry needs to start promoting how much work we bring and how we can add to the grid," Bestard said. "We need to show them how and why we want to be part of the community."
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