Colorado-based Bitcoin mining company Revolve Labs has announced plans to build a $60 million data center in Glencoe, Minnesota, as part of its effort to expand its mining capacity. 

The proposed facility would include one or two AI data centers, cooling systems, and backup generators, according to the Minnesota Star Tribune. Its goal is to bolster the company’s ability to process Bitcoin (BTC) transactions while addressing local concerns about noise pollution.

The facility, currently in the preliminary planning stages, would employ around 10 people and could cost between $40 million and $60 million.

The company discussed the project in a September meeting with the Glencoe Economic Development Authority. The site, which spans approximately 6.2 acres, would house both the data center infrastructure and a new power substation to support the expansion, per the Star Tribune. 

Bitcoin mining is a resource-intensive process where specialized computers solve complex mathematical problems to validate transactions on the Bitcoin network. In return, miners receive Bitcoin as a reward. Data centers like the one Revolve Labs plans to build are essential for supporting these operations, which require substantial computational power and energy.

In other crypto and Minnesota related news, the Federal Reserve Bank of Minneapolis published a working paper on October 17, recommending governments either ban or tax Bitcoin to maintain permanent primary deficits.

The paper labeled Bitcoin as a “balanced budget trap” that hinders policy implementation, especially for governments relying on nominal debt.

Bitcoin mining noise complaints

Mining facilities in Glencoe have sparked some controversy due to the noise generated by the mining equipment and cooling systems, according to the Star Tribune.

Local residents have raised concerns about noise levels reaching up to 85 decibels, comparable to the sound of a lawnmower. Revolve Labs has faced similar complaints in other locations, including Windom, Minnesota, where the company withdrew a previous expansion proposal following community pushback.

Similarly, Texas communities have inherited Bitcoin mining facilities and are attracting companies like Marathon Digital and Hut 8 due to their low energy costs and flexible power grid.

However, the influx of mining operations in Texas has caused noise levels as high as 91 decibels, leading to hearing loss, headaches, and sleep disturbances among local residents. These health issues have particularly affected older residents, raising concerns about the impact of mining on community well-being.

Despite concerns of noise, Revolve Labs operations have generated significant economic benefits for the city of Glencoe. According to Dave Meyer, general manager of the Glencoe Light and Power Commission, Revolve Labs’ mining operations have brought in more than $500,000 in net annual revenue for the city. 

These funds have been used to support public infrastructure projects, such as streetlight improvements, while helping to prevent an increase in electrical rates for local residents.

On-chain data shows a significant decline in the Bitcoin large holder outflows as the flagship cryptocurrency remains above the $68,000 mark.

According to data provided by IntoTheBlock, the Bitcoin (BTC) whale net flow shifted from an outflow of 1,650 BTC on Oct. 17 to a net inflow of 211 BTC on Oct. 19. The momentum shows increased accumulation from large holders.

CryptoQuant CEO Ki Young Ju confirmed the intensified accumulation.

Per a crypto.news report, data provided by Young Ju shows that new whale addresses, with at least 1,000 BTC, held over 1.97 million coins yesterday—showing an 813% surge since the start of the year.

One of the key drivers behind Bitcoin’s bullish momentum is the increased investor interest in the U.S.-based spot BTC exchange-traded funds.

According to the report, these investment products saw an inflow of $2.1 billion last week—the total net inflows surpassed the $21 billion mark.

Moreover, data from ITB shows that the Bitcoin exchange net flows remained in the negative zone for the third consecutive day, recording a net outflow of over 2,300 BTC, worth $157 million, on Oct. 19.

Increasing exchange outflows usually hint at a lower selling pressure. However, short-term profit-taking would still be expected since the BTC price is close to its all-time high of $73,750.

Bitcoin has been consolidating between $68,000 and $68,600 over the past 24 hours. Its market cap is sitting at $1.35 trillion with a daily trading volume of $13.8 billion — down by 55%.

A declining trading volume could potentially bring lower price volatility for the leading asset.

A widely followed crypto strategist believes one under-the-radar Ethereum (ETH) challenger will hit his massive price target this cycle.

Pseudonymous trader Rager tells his 199,100 followers on the social media platform X that he’s bullish on layer-1 protocol Fantom (FTM).

Rager shares a chart suggesting that FTM will hit his price target of $3.31 by around April.

“Late to the market?

People who say that aren’t looking at the FTM chart.

And yes, in my opinion, this is a practical target for the next six months.” 

At time of writing, FTM is trading for $0.71, indicating an over 366% potential price rise if the altcoin reaches Rager’s target.

Rager notes that FTM can probably even reach higher levels if the project witnesses a smooth transition to Sonic.

“Practical target – not top or bottom if SONIC migration can go well.” 

Sonic is designed to be a high-throughput layer-1 chain with a native layer-2 chain linked to Ethereum.

Explains the project,

“The Sonic chain will be a layer-1 platform that connects to Ethereum via a bespoke layer-2 bridge, allowing Sonic to tap into vast amounts of liquidity, users, and protocols. This allows the network to combine the low cost, scalability, and speed of a layer-1 with the security of a layer-2 bridge for access to native ETH and other assets on Ethereum. As a result, the Sonic chain isn’t just an L1 or L2 – it’s the first chain of its kind to provide the best of both.”

Looking at memecoins, Rager believes that meme tokens now serve as a gateway for retail investors to enter the crypto market.

“My thesis for memes is what attracts retail.

Many memes have limited upside because there needs to be a larger audience outside of crypto to be attracted to it.

Retail are going to want well-known memes.

Memecoins like PEPE, POPCAT and BONGO will thrive over the next year because of this.

It’s only beginning.” 

As for Bitcoin, Rager predicts that BTC will witness one more shallow correction to $66,000 before surging to new all-time highs.

“BTC can go higher and would certainly be looking to buy on a pullback before higher.”

At time of writing, Bitcoin is trading for $68,196.

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