Hydroelectric Dam in New York Repurposed as Crypto Mining Farm – Bitcoin News


Hydroelectric Dam in New York Repurposed as Crypto Mining Farm

A hydroelectric dam in eastern New York State is being converted into a dedicated crypto mining farm, taking advantage of low-cost, renewable energy, according to Dpw Holdings whose subsidiary is building the mining farm. Anteater miners, equipped with ASIC bitcoin mining chips developed by Samsung and Innosilicon, will be used on the site, the company announced.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Dam Turns Mining Farm

A hydroelectric dam roughly ten miles south of New York’s capital city, Albany, is being converted into a dedicated cryptocurrency mining farm, Dpw Holdings Inc. announced on Thursday.

Hydroelectric Dam in New York Repurposed as Crypto Mining Farm“The historic Valatie Falls, New York hydroelectric dam will become operational during the fourth quarter of 2018,” the company detailed, adding that it will “serve as a fully-dedicated source of low-cost, renewable power for a new co-located cryptocurrency mining farm to be built and operated by DPW’s wholly-owned Super Crypto Mining subsidiary.” CEO and Chairman, Milton “Todd” Ault III, commented:

Our successful repurposing of Valatie Falls dam to provide clean, low-cost, renewable power to Super Crypto’s future co-located mining farm is another important step in our strategy to create an economically viable, self-sustaining cryptocurrency mining business.

Collaborating with Samsung Semiconductors

The 1-megawatt Valatie Falls dam was built in 1983 and purchased in March by Valatie Falls Hydro LLC, using debt financing provided by Dpw subsidiary Digital Power Lending.

Hydroelectric Dam in New York Repurposed as Crypto Mining FarmAnother subsidiary of Dpw, Super Crypto Mining, is building the cryptocurrency mining farm at the site. The company will install the proprietary “Anteater” miner, launched by a third subsidiary, Coolisys Technologies Inc.

In June, Dpw announced that Coolisys launched a line of crypto mining units, the Superminer line. Its first miner model, the Anteater, features 10nm ASIC bitcoin mining chips jointly developed by Samsung and Innosilicon. The new mining rigs are scheduled to go on sale to the public starting on September 1.

Hydroelectric Dam in New York Repurposed as Crypto Mining Farm“The Superminer line, including the Anteater, is equipped with advanced dynamic frequency and temperature scaling for reliable performance under virtually all conditions,” Dpw wrote. “The 10nm mining chip in the Anteater is based on Samsung’s System-on-chip high-performance computing technology which provides the world’s most efficient ASIC cryptocurrency mining design, with the Anteater operating at 17.2TH/s.”

Amos Kohn, Chairman and CEO of Coolisys Technologies, said:

It has been our goal to enter the cryptocurrency mining market, to compete head to head with Bitmain and Avalon, and look to providing innovation in miners and advances in technology serving the crypto-mining sector.

What do you think of this dam in New York repurposed as a crypto mining farm? Let us know in the comments section below.

Images courtesy of Shutterstock, Coolisys Technologies, Super Crypto Mining, and Dwp Holdings.

Tags in this story
Bitcoin, Bitcoin mining, BTC, crypto mining, Cryptocurrencies, Cryptocurrency, Digital Currency, Innosilicon, mining chips, Mining Farm, N-Economy, new york, Virtual Currency

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Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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