A crypto mining business is expected to open in South Sioux City by the end of this year.
South Sioux City City Manager Lance Hedquist told Siouxland Public Media News on Tuesday that the small crypto miner firm will be located in an industrial zoned address adjacent to an electric substation.
He said the business is named Radiant Technology Corp, which is headquartered in Virginia. The city has had no expenses in creating the office spot, which is “expected to generate $800,000 in annual revenues to South Sioux City,” Hedquist said.
According to the company’s website, “Crypto mining is the process of using powerful computers to verify transactions, secure a decentralized network, and release new digital coins into circulation.”
In response to a question, Hedquist said he does not envision the South Sioux City Council members in the near future debating an agenda item concerning regulations to address any future data center requests.
As more Nebraska communities pass moratoriums on new data center projects in the face of increased scrutiny from residents, leaders of the City of Kearney say they hope to make a mark by welcoming the industry.
The city of 33,000 people has become one of the first in the state to pass a zoning ordinance for data centers, which places restrictions on things like noise, water consumption and energy use.
Kearney City Manager Brenda Jensen said officials didn’t want to shut the door on the industry with a ban.
