- US Bitcoin Corp has reached a tentative agreement with the City of Niagara Falls to restart its mining facility operations.
- The company will be required to comply with certain standards for noise reduction and permit applications.
- They would also have to pay an upfront fee as well as reimburse the city for attorney fees and costs.
US Bitcoin Reaches Tentative Agreement With City of Niagara Falls
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.
Permit Applications and Noise Reduction Requirements
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.
Fees and Reimbursement Requirements
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 them as listed in the agreement.