There is a plan to repurpose a New York-based hydroelectric facility particularly to function as a dedicated power source for a cryptocurrency mining farm. Super Crypto Mining is building the said mining farm.
It was in 1983 when the Valatie Falls project with a capacity of 1-MW was originally constructed. Thereafter, the project was bought in March 2018 by Valatie Falls Hydro LLC using finances from a subsidiary of DPW Holdings.
A fully-owned subsidiary company of DPW, Super Crypto Mining is operating as well as creating the said cryptocurrency mining farm. The chairman and CEO of DPW Holdings, Milton “Todd” Ault III said they are successfully repurposing their Valatie Falls dam in order to offer renewable, low-cost, and clean power to the co-located mining farm of Super Crypto.
The CEO added that it is a major step in the company strategy to develop a self-sustaining and economically viable crypto mining business. Ault added that since electricity is the biggest operational cost factor, his company could retrofit and upgrade the dam for this interesting fresh stage.
New Plant To Supply Electricity At Economical Rate
So, it appears that the plan to repurpose DPW Holdings’ hydroelectric dam is to supply electricity for its upcoming crypto mining operations. Once the repurposing is completed, this dam will be able to offer low-cost electricity to an upcoming crypto mining plant to be operated by a subsidiary company of DPW.
The plan when successfully implemented can have a great significance for the crypto space moving forward. This is because there have been widespread concerns over the tremendous amount of energy consumption by the digital currency mining centers.
Meanwhile, there is no consensus reached yet on the ongoing debate concerning the amount of energy consumption by the cryptocurrency mining activities. According to a statement by DPW, their hydro plant is expected to become operational by the last quarter of 2018, Power Engineering Magazine reported.
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