US Bitcoin Corp tentatively settles with Niagara Falls to restart mining ops, must comply with noise reduction, permits and fees.
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.
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.
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.
The Niagara Falls City Council still has to approve the agreement.