MiningNews

New York Firm to Set Up a Bitcoin Mining Farm Powered By Hydroelectric Dam

DPW Holdings Inc. has revealed its plan to use power generated from Valatile Falls hydroelectric dam in New York for mining bitcoin. The proposed bitcoin farm will start operations in the fourth quarter of this year.

DPW Holding Inc.’s crypto mining subsidiary Super Crypto Mining intends to establish a bitcoin mining farm near the dam. The 1-megawatt dam was bought by DPW in March 2018 through Valatile Falls Hydro LLC.

The bitcoin mining farm planned to be established in this location will be running on cheap and renewable power generated from the dam. Super Crypto Mining had previously partnered with Samsung Semiconductors to develop a new cryptocurrency mining tech called AntEater. It is believed that the proposed bitcoin mining farm will heavily utilize this new mining device.

DPW Holdings announced in a press release that repurposing the dam as a source of cheap and clean energy for the proposed bitcoin mining farm. It is one of the steps for attaining its goal of being a self-sustaining and economically successful cryptocurrency mining business.

The CEO of DPW Holdings Milton Todd Ault added that the project was an opportunity for the company’s subsidiaries. It is to collaborate and create an innovative new plan for cryptocurrency mining. Ault explained that the engineers at the company’s three subsidiaries. However they worked together to retrofit the dam to the bitcoin mining farm.

Bitcoin Mining and Energy

Many analysts and energy experts have chosen to condemn bitcoin while citing that its contribution to the world’s carbon emission is its undoing.

However, a recent report by a researcher in University of Pittsburgh Dr. Katrina Kelly-Pitou suggests that bitcoin mining is moving to cities that produce electricity from cheap and reliable sources. The report puts to rest earlier claims that bitcoin is adversely affecting the global carbon production.

The move by DPW to build a bitcoin farm that relies on cheap and renewable power mirrors the argument made by Kelly-Pitou. Therefore the constant attacks by energy experts on the technology are unfair.

Follows us on TwitterInstagram, and Telegram.

You can also subscribe to our newsletter for more recent news and updates.

Image Source: Hydroelectric Dam

Tags
Show More

Ifeanyi

Ifeanyi Egede is an experienced and versatile blockchain/crypto writer and researcher on with tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids. Learn more about how Ifeanyi Egede could be of help to your business.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

eight − 6 =

Back to top button
Close
whatsapp