–Algona Municipal Utilities has entered into a strategic partnership with a Bitcoin mining company based out of eastern Iowa that plans on expanding here. AMU General Manager John Bilsten tells KLGA News that they will be working with a company called Simple Mining.
Simple Mining is based out of Cedar Falls, and currently has over 30 employees. Bilsten says a part of their agreement with the company includes establishing an interruptible service rate for businesses of this type.
The AMU Board of Trustees approved a resolution at their meeting this week establishing this rate and the terms determining when service may be interrupted. Bilsten says there are three types of situations where this may be necessary.
Service can also be interrupted if energy prices rise to levels where the company’s high usage rate would become problematic for them financially. Bilsten says it’s a unique partnership agreement.
Simple Mining specializes in the sales, hosting and repair of Bitcoin miners, and has been looking to enhance their service offerings and expand their market presence.
