DPW Holdings Inc has announced that the historic Valatie Falls hydroelectric project in New York, US, will become operational during the fourth quarter of 2018 to 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.
The 1MW project, originally built in 1983, was purchased in March 2018 by Valatie Falls Hydro, LLC using debt financing provided by DPW subsidiary Digital Power Lending. DPW’s Super Crypto Mining subsidiary plans to build a new cryptocurrency mining farm at the site employing its new proprietary AntEater™ miner, which it developed in early 2018 in collaboration with Samsung Semiconductors.
“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,” said DPW Holdings’ CEO and Chairman, Milton “Todd” Ault, III. “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.
“Our power solution engineers at Coolisys Technologies, Inc. worked closely with our cryptocurrency mining engineers and with Valatie Falls Hydro, LLC’s hydroelectric engineers to upgrade and retrofit the Valatie Falls dam for this exciting new phase of its long-lived operation. We look forward to bringing this innovative new facility fully on-line during the fourth quarter of 2018.”
