Crypto Miners Are New Pot of Gold Offered to U.S. Junk Lenders

The company converting a disused aluminum smelter near the U.S.-Canada border into the world’s largest digital-currency mining center plans to tap the debt market to fund its ambitious project. And it’s willing to pay for the privilege.

Coinmint LLC is seeking to borrow as much as $50 million over five years to purchase and install servers at its sprawling 1,300-acre site in Massena, according to indicative loan terms sent to investors. The loan will be secured by the smelter and another data center in upstate New York.