Bitcoin miner comes to Lewiston, has plans for western Maine
Courtesy / Maine Realty Advisors.
This unassuming Lewiston industrial space houses a trendy Bitcoin mining operation.
Dynamics 2K recently leased 30,533 square feet of industrial space at 777 Main St. in Lewiston and has a goal for hiring about 40 people there by the end of this year.
The data and technology company, which was founded in Colorado in 2009, also has locations in Las Vegas and Puerto Rico. In Maine, its locations include Brunswick, Oxford and now Lewiston. It is finalizing a western Maine location in the near future.
It was attracted to Maine by a workforce with call center experience and access to hydropower and other power sources. It also came for the weather — shifting much of its operations to Maine due to the climate that can help cool the thousands of computers and servers needed.
Dynamics hosts about 4,000 business websites and creates new websites for businesses and needs call center workers to help clients. But Dynamics is increasingly moving into the business of mining Bitcoin, said Bill Stewart, Dynamics owner.
"We help businesses be the best they can be in their industry. We had a client come to us who was in the crypto mining industry and we helped them come up with some solutions. That got us thinking and we decided to dive deeper into Bitcoin mining ourselves,” Stewart said.
Bitcoin mining is the process of earning Bitcoins — a decentralized digital currency, without a central bank or single administrator — in exchange for running the verification process to validate Bitcoin transactions. Miners can profit if the price of Bitcoins exceeds the cost to mine them.
“Miners use quite a bit of energy or power. Their power requirement is more intense than the cannabis companies out there. This space had existing power capacity and proximity to a CMP substation,” said Frank Carr of Maine Realty Advisors, who handled the Lewiston lease transaction.
By May 1, Dynamics expects to be the largest mining operation in the Northeast, Stewart said.
“We will make mining available to everyone,” Stewart said.
“Mining is now really trendy but we’re aware of the impact on the environment and the amount of usage, load it takes. Our western Maine location will be an entirely renewable space operating on biofuels,” Stewart said.
What he found in Maine was a bonus in that it was an area that was environmentally aware with “honest people with open minds to business,” he said.
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Very nice option, in a rapidly changing global economy.
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