PADUCAH-A Chinese cryptocurrency company recently left the AmerisourceBergen building in Paducah. City leaders now say they want to find the right business to fill that space.
Mayor George Bray said there are several reasons for the Griffin blockchain service to move out of the building. They dealt with electricity bills and the city’s noise regulations.
A Chinese cryptocurrency company recently left Paducah’s AmerisourceBergen building. City leaders now say they want to find the right business to fill that space.
The AmerisourceBergen building is over 120,000 square feet.
Griffin Blockchain Service purchased the space in 2021, but Mayor George Bray says the company left about a month ago.
“But they were detained in the building and decided,” Bray said. “It’s a good thing because they loved the building and loved Paducah, but some obstacles were too big to overcome.”
The building is now for sale as the Griffin blockchain service has left Paducah for a more favorable electricity rate.
China blocked all cryptocurrency transactions in late September 2021.
As a result, Griffin emigrated to the United States. In particular, Kentucky was known to be tax-friendly when it comes to electricity.
As a result, Griffin emigrated to the United States. In particular, Kentucky was known to be tax-friendly when it comes to electricity.
This is important because crypto companies use large amounts of power when mining Bitcoin.
However, Bray says interest rates have risen as global events fluctuate.
“Pandemic, war in Ukraine, energy prices, you know a lot has led to a lack of stability in electricity prices,” Bray said.
Griffin also told the city about meeting the Paducah Noise Ordinance.
Bray says cryptocurrency machines mining Bitcoin can be noisy, which can have caused noise problems in the neighborhood.
City leaders are now looking for another buyer to fit the building and its area.
City leaders are now looking for another buyer to fit the building and its area.
“We really need to think about what we need to put in there,” Bray said. “What kind of business really fits the current and future landscapes?”
Bray says the city did not provide an incentive for the Griffin blockchain service to stay in Paducah.
But he wants to check for the next buyer. The city is involved in the purchase discussion.
He wants to find a use for the city-backed building.
We also talked to Griffin Blockchain Services.
They told us it was a business decision dealing with the energy market.
However, they said they had good relationships with all the partners involved and had an overall positive experience while in Paducah.
