Walla Walla’s Bold Step into Cryptocurrency
The Port of Walla Walla, Washington, recently made headlines by agreeing to a land lease for a cryptocurrency mining project, signaling a potential shift in local economic dynamics. Commissioners unanimously approved a 10-acre option for Ant Creek LLC, a subsidiary of Bitmain, after a heated public debate. This decision might just be the start of something big—or a formidable challenge.
Public Debate: Electricity vs. Employment
While the commissioners are optimistic about the 25-35 permanent jobs the project promises, opponents are sounding alarm bells over electricity consumption. Imagine draining the power of 24,000 homes for a handful of jobs! One local voice resonated through the meeting, stating, “It extracts electricity and creates wealth for the owner with no trickle down.” Talk about a tough crowd!
The Power Play: Can We Handle It?
Columbia Rural Electric Association’s CEO, Les Tell, provided a glimmer of hope in the midst of the chaos. He assured commissioners, “No matter what happens a year from now or five years from now, we are fully protected.” Sounds like someone has done their homework! But is there really enough electricity to handle this crypto beast?
The Financials: A Promising Lease Ahead
This deal isn’t just about potential pitfalls; there’s also a bright economic outlook. The lease value stands at $4,701 per month, accompanied by a hefty state leasehold tax of 12.84 percent. Let’s not forget Ant Creek’s promise to foot the bill for a $2.5 million roadway to improve access to their new digs. That’s some serious infrastructure investment!
Future Uncertainty: Will Ant Creek Proceed?
Despite the favorable terms, questions linger. Will Ant Creek’s director of operations, Jeff Stearns, find these terms acceptable? Or will the project fade into obscurity like forgotten New Year’s resolutions? As it stands, localized uncertainty surrounding crypto projects in Washington—including a moratorium in Chelan on unauthorized operations—adds to the suspense. Could this 10-acre plan be a beacon of hope or a recipe for disaster?
