Bitcoin Mining Operation Powered by Hydroelectric Dam will come online in New York by 2018 end

by | Aug 24, 2018 | Bitcoin, Mining

Bitcoin Mining | New York | Hydroelectric dam

DPW Holdings, a California-based Bitcoin mining company will employ a repurposed hydroelectric dam to service its new mining farm. On Thursday, August 23 the firm announced that they have completed work on the dam located in Valatie Falls, New York and by the end of 2018 it will be the main source of electricity for its yet-to-be-built mining facility towards.

DPW’s farm will employ the AntEater, their own mining hardware developed in January, concurrently with Samsung. The CEO and chairman Milton “Todd” Ault, III commented in the press release

“This project provided a unique opportunity for DPW subsidiaries to collaborate and innovate to create a new model for cryptocurrency mining, for which electricity is by far the largest operational cost factor,” he adds “We look forward to bringing this innovative new facility fully on-line during the fourth quarter of 2018.”

DMW announcement adds another competition for the steadily increasing miner population in New York State. Earlier this year,  Coinmint hinted at starting it operations in an old smokestack with local government backing. In the near future, various U.S. will witness multiple mining projects. Just two weeks ago, Asian giant, Bitmain announced an invest $500 million to create a complex in Texas.

Meanwhile, prospective companies are facing mixed receptions from local authorities from across the border in Canada, Quebec, in particular, voicing its opposition.

 

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

Get Latest Bitcoin and Crypto News

advertisement advertisement

Get latest Bitcoin & Cryoptocurrency News

 

Subscribe to our newsletters to get latest Bitcoin and Cryptocurrency news.

Thank you !