Summary:
- US Bitcoin Corp. has reached a tentative agreement with the City of Niagara Falls to restart operations.
- The miner would have to comply with strict measures, including limiting noise production and submitting permit applications.
- The company would also be required to pay a $50,000 fee and reimburse the city for $180,000 in attorney fees.
Agreement Details
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. The miner, recently merged with Hut 8 under Hut 8 Corp., must comply with strict measures including 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.”
Fees & Reimbursements
Under the agreement, US Bitcoin would need to pay an upfront non-refundable $50,000 fee upon execution of the agreement as well as a $100,000 compliance fee within 30 days of its effective date. In addition, they will be required to reimburse the city for $180,000 in attorney fees and costs related to enforcement action against them.
Approval Needed
The Niagara Falls City Council still has to approve this agreement before it can move forward.
Conclusion
US Bitcoin Corp.’s agreement with Niagara Falls is contingent on approval by the City Council before it goes into effect. The terms include several fees and reimbursements that US Bitcoin must adhere too if they wish to begin operations again after being halted due to court order earlier this year.
