DPW Holdings’ Super Crypto Mining in New York to be Powered By Hydroelectric Dam
According to a press release, DPW Holdings, a California-based Bitcoin mining company has finally completed its work to re-purpose a hydroelectric dam in New York state to service its new mining farm. The dam is located in Valatie Falls, New York, and it will be used at the end of 2018 onwards.
The company affirms that the dam will become operational in the last quarter of the year and will serve as a fully-dedicated source for renewable and cheap electric power. It will be used to power a new mining operation of DPW Holdings in the state, which will be installed nearby and owned by Super Crypto Mining subsidiary of the company.
Valerie Falls Dam is a historic dam which was originally built in 1983. It was bought by Valatie Falls Hydro LLC in March 2018 using money from DPW’s subsidiary Digital Power Lending. DPW will use its own mining hardware to mine Bitcoin, the AntEater, developed in a joint effort with Samsung in January. The technology will also be overseen by Super Crypto Mining.
The CEO and chairman of DPW Holdings, Milton “Todd” Ault III, said that the successful re-purposing of the dam will be very important to create a clean and renewable source of energy for the company in the future. According to him, the strategy is to create something that can be considered fully viable, as the price of electricity is certainly the major cost of any operation.
Todd states that the company worked with the engineers of Coolisys Technologies, another subsidiary of the company, to make Valatie Falls Hydro upgraded and perfect for a long mining operation.
About DPW Holdings
DPW Holdings is a holding company with a diverse portfolio that pursues the strategy of acquiring undervalued assets with disruptive technologies. Some of the areas in which the company invest are commercial, aerospace, communication, cryptocurrency, medical, hospitality, textile, corporate instruments, etc.
The company is currently a leader in innovative technologies and advanced design. It is based in California.
Competition In New York
As the company moves to New York, the state is starting to become crowded with a miner population. The price of Bitcoin might keep falling, but more and more companies are starting to enter the mining business and to expand its operations.
Coinmint, another big mining company, has already signaled that it would also create an operation in the state and would be a competitor for this initiative.
Various US states are also seeing new crypto mining projects. For instance, the giant Bitmain has announced that it would create a mining complex in Texas which will be worth $500 million USD.