Cash News
A crypto mining company has ended its efforts to build a facility at a site in rural southwest Minnesota.
The company, Colorado-based Revolve Labs, withdrew its conditional use application for a crypto mining facility outside Windom, Minn., via an email sent Tuesday to the city and reviewed by the Star Tribune.
The decision came in response to feedback received by the company, Jeff St. Onge, senior operations manager at Revolve Labs, said Wednesday in an email.
“Our commitment is to operate in a way that aligns with community values and priorities, and we recognize that collaboration is essential to achieving this,” St. Onge said.
Revolve Labs, formerly known as Bit 49, had said the project would generate $35,000 a month in service fees for Windom, located about 65 miles south of Mankato.
The proposal faced widespread opposition at a late August public hearing of about 100 residents, many of whom voiced skepticism about the company’s claims.
The most common concern was noise. Crypto mining uses huge amounts of computing power to solve complex mathematical puzzles and produce cryptocurrency such as Bitcoin, a digital currency that can be traded outside the normal banking system. The machines used for these operations operate around the clock and need to be cooled by banks of fans.
Windom residents brought up Revolve’s crypto mining operation in Glencoe, Minn., that has faced complaints by residents of excessive noise.