Crypto Mining To Revive Abandoned Town in California

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Bringing New Mining to A 150-year-old Mining Town

Two investors bought the Cerro Gordo town for $1.4 million, in mid-2018. A CNBC report describes it as a 22-building, 150-year-old ghost town, located approximately 200 miles north of Los Angeles, California. Cerro Gordo lies near Death Valley National Park, edging the Inyo Mountains of the Owen Valley.

Two young entrepreneurs bought the town, as CNBC reported: Jon Bier, owner of the public relations and communications agency Jack Taylor PR. And, Brent Underwood, host and founder of hostel HK Austin in Austin, Texas. Brent is also a partner at the creative advisory and marketing firm Brass Check.

Your Thoughts?

So you bought a ghost town

After a month, Cerro Gordo was purchased by Texas-based entrepreneur Brent Underwood and his business partner Jon Bier. Underwood told The Outline that… https://t.co/Oznw1DS4T4

— DezertMagazine.com (@dezertmagazine) September 9, 2018

The entrepreneurs’ goal is to convert Cerro Gordo into a modern travel destination while preserving the feel of the old mine town. Of course, tourists will be able to make payments in Bitcoin and other cryptocurrencies.

Indeed, Taylor and Brent’s vision includes incorporating Bitcoin and its blockchain technology to make Cerro Gordo a haven for the crypto community, where visitors can trade goods and services.

The entrepreneurs are also planning to set up a crypto mining center in an old mine shaft, which is about 1,100 feet deep.

Moreover, Taylor and Brent plan to introduce innovative water conservation technology and obtain the necessary energy from solar and other renewable sources of energy.

Investors Still See Crypto Mining as Lucrative

Despite Bitcoin price fluctuations and the fact that more than 80% of the coins have already been mined, entrepreneurs still see crypto mining as a lucrative business. In this regard, abandoned and remote areas of the world seem to be the focus of visionary investors.

For example, last year, BitRiver launched a mining farm near Bratsk, Siberia. Now, BitRiver has become Russia’s largest Bitcoin mining facility. In this undertaking, Russian billionaire, Oleg Deripaska, combined crypto mining technology with one of the largest Soviet-era aluminum plants.

Similarly, as Bitcoinist reported, Dmitry Marichinev’s Russian Mining Company (RMC), in an effort to increase Bitcoin mining across Russia, has explored the Nadvoitsky Aluminum Smelter (NAZ) in Karelia.

Converting old aluminum plants into crypto industry hubs is also of interest in the U.S. Last October, Bitmain, the operator of the largest cryptocurrency mining pools of the world, launched a 50MW mining farm in Rockdale, Texas. Bitmain’s purpose is to make this farm the most significant mining facility in the world. According to the press release of October 21, 2019,

Construction of the initial 25MW of the mining farm, on a 33,000-acre site owned by Aluminum Company of America, Alcoa, began in 2018 as part of the company’s ongoing plans to build the world’s largest cryptocurrency mine.

What do you think of converting an old mining town into a crypto mining center? Let us know your thoughts below.

Images via Chris Dunn, Twitter: @dezertmagazine