A crypto miner is converting a New York-based hydroelectric dam into a crypto mining farm, aiming to take advantage of low-cost, renewable energy.
DPW Holdings announced that its Super Crypto Mining subsidiary will build and operate a co-located cryptocurrency mining farm using the power generated from Valatie Falls hydroelectric dam in New York State.
The new crypto mining farm will be built at the site with its own mining hardware AntEater miner. The hardware was developed in early 2018 in collaboration with Samsung Semiconductors. The project will become fully operational during the fourth quarter of 2018.
The 1- megawatt Valatie Falls dam, originally built in 1983, was purchased in March 2018 by Valatie Falls Hydro, using debt financing provided by DPW unit Digital Power Lending.
DPW said its power solution engineers at Coolisys Technologies, Inc. worked with crypto mining engineers and with Valatie Falls Hydro's hydroelectric engineers to upgrade and retrofit the Valatie Falls dam for the new operation.
The major issue for crypto miners are the significantly higher electricity consumption for the mining process. Earlier, the New York State Public Service Commission had announced that upstate power authorities can charge higher rates from crypto mining firms with high density loads.
It is expected that DPW could mitigate the impact of possibly higher rates for mining farms with the low cost power from the dam.
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