US Bitcoin Corp tentatively settles with Niagara Falls to restart mining operations, must comply with noise abatement, permits and fees.
US Bitcoin Corp, a bitcoin mining company that operates 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, bringing the two 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 court judge. State Supreme Court. The judge found that the operators of the facility had disregarded another judge’s order.
Under the agreement, US Bitcoin would be required to comply with a series of noise reduction standards and permit applications. These include limiting the facility’s noise output to no more than 65 decibels and submitting completed applications for all necessary permits to comply with the city’s new “high energy stacked neighborhood”, detail the report.
They would also have to compensate the city in a number of ways, including paying an upfront non-refundable fee of $50,000 when executing the deal. In addition to the initial fee of $50,000, US Bitcoin would be required to pay the city a compliance fee of $100,000 within 30 days of the effective date of the agreement.
The company would also be required to reimburse the city for $180,000 in attorneys’ fees and costs related to its enforcement action against the company, as set out in the agreement.
Niagara Falls City Council has yet to approve the deal.