Revolve Labs Withdraws Bitcoin Mining Proposal After Minnesota Residents’ Outcry
Revolve Labs, a bitcoin mining colocation provider, has withdrawn its application to build a new facility outside Windom, Minnesota, following opposition from residents at an August hearing.
According to a report by the Minnesota Star Tribune on Wednesday, Revolve Labs’ senior operations manager, Jeff St. Onge, informed the city of Windom that the company would end its power and construction efforts.
The decision came after approximately 100 residents expressed concerns at the hearing about potential noise pollution and negative impacts on home property values.
While some residents welcomed the news, others expressed disappointment, including Jason Sykora, superintendent of the city’s electrical utility. Sykora reportedly said he felt Revolve Labs had not been given a fair chance and that the project could have provided much-needed funding for the city.
“It would have potentially flattened out our electricity rates for the next three years,” Sykora was quoted as saying in the report. Revolve Labs previously stated the project could generate $35,000 per month in service fees for the city.
Based in Colorado, Revolve Labs already operates a hosting site in Glencoe, Minnesota, with a capacity of approximately 20 megawatts powering 537 PH/s, according to its website. The company also offers ASIC repair services.
In March, Revolve Labs announced an agreement with Marathon Digital (NASDAQ: MARA) Holdings to manage the Granbury and Kearney facilities that Marathon acquired from Generate Capital earlier this year.
