A newly opened Springfield business plans to soon launch a bitcoin ATM on the south side.
DigitMint Inc., a cryptocurrency mining operation at 431 W. Bryant St., is clearing regulatory hurdles in hopes of operating the machine by the third week of September, said President Josh Dunn.
Through the machine, customers will be able to exchange cash for a variety of cryptocurrency types, including bitcoin, Litecoin and Ethereum. Cryptocurrency refers to digital currency with encryption techniques used to generate units and verify the transfer of funds.
“A lot of (customers) just want to use it because it’s one of those things that you can only do online,” Dunn said of the ATM’s expected clientele.
Cyptocurrency is also considered to be an investment. Bitcoin’s value, for instance, has hit multiple records in recent days. The value of one bitcoin was $3,978 as of 9:18 a.m., according to Coindesk.com.
Dunn said DigitMint already received federal approval through the U.S. Treasury’s Financial Crimes Enforcement Network and is working to earn its
money transmitting license through the state of Missouri. The state process required an audit by a certified public accountant and the payment of $5,000 for a surety bond to confirm that DigitMint is solvent.
“The state doesn’t just necessarily go ahead and approve everything,” Dunn said.
DigitMint opened its office on Bryant Street, off of South Campbell Avenue near DiVentures, last month. Through its main operation, the business operates hundreds of computers that mine bitcoin. The process involves a series of complex mathematical equations used to form the block chain, a record of every bitcoin transaction ever made. For their efforts, miners earn a reward of newly created bitcoin, according to Springfield Business Journal archives.
Dunn had been working as a bitcoin consultant for other companies prior to launching DigitMint in January. Springfield was a natural fit for the city native.
“The real estate is good here. Electricity costs are good here,” he said. “It’s a very smart fit.”
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The move would come with a new property tax levied on residents of regional school districts.
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