Business & economy

Bitcoin operation in Ontario placed in limbo because of rising power costs

Officials planned to convert the old Wonka Mini Storage next to an Idaho Power substation in Ontario into a bitcoin mine, but the plan is on hold for now. (The Enterprise/Joe Siess)

ONTARIO – Plans by an Idaho real estate development firm to launch a bitcoin mining operation in a storage facility north of Ontario are on hold.

Paul Knudson, the chief operating officer for XTRA Bitcoin Inc., said the rising cost in power prompted his firm to look elsewhere to create the mining operation. Knudson also owns Pines Townhomes LLC, a Fruitland real estate company that owns the storage facility.

Knudson said negotiations with Idaho Power did not prove as fruitful as he hoped.

“Idaho Power quoted me a certain price and when they came out to Ontario to do a presentation the price . . .