Thu. Sep 28th, 2023

• US Bitcoin Corp has reached an agreement with the City of Niagara Falls to restart their mining facility.
• The company must comply with certain standards on noise reduction and permit applications.
• They have to pay an upfront fee, a compliance fee and reimburse the city for legal fees and costs.

US Bitcoin Reaches Agreement With Niagara Falls

US Bitcoin Corp, a bitcoin mining company which was operating in the City of Niagara Falls, has reached a tentative agreement with the city to resume operations. This follows a state supreme court judge’s ruling in March that found US Bitcoin was in contempt of another judge’s court order.

Noise Reduction Requirements

The agreement requires US Bitcoin to abide by certain standards for noise reduction and permit applications. This includes limiting noise production from the facility to no more than 65 decibels and submitting complete applications for all permits needed to comply with the city’s new “high energy usage overlay district.”

Financial Obligations

In addition to these requirements, US Bitcoin will have several financial obligations they must meet before they can begin operations again: an upfront, non-refundable $50k fee; a $100k compliance fee within 30 days; and reimbursement of $180k in attorney fees and costs tied to enforcement action against them by the city.

City Council Approval Needed

The proposed agreement still needs approval from the Niagara Falls City Council before it can be executed officially. If approved, US Bitcoin will be able to resume operations as long as they meet all stipulations set forth in the agreement.

Merger With Hut 8 US Bitcoin recently agreed to merge with Hut 8, creating one umbrella company called Hut 8 Corp., so this news will likely provide some relief for both companies while they await final approval from the council.

By admin