A hydroelectric dam around ten miles south of New York’s capital city, Albany, is being changed over into a devoted digital currency mining farm, Dpw Holdings Inc. reported on Thursday.
“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.”
The 1-megawatt Valatie Falls dam was worked in 1983 and acquired in March by Valatie Falls Hydro LLC, utilizing debt financing given by Dpw subsidiary Digital Power Lending.
Another subsidiary of Dpw, Super Crypto Mining, is building the digital currency mining farm at the site. The company will install the proprietary “anteater” miner, propelled by a third subsidiary, Coolisys Technologies Inc.
In June, Dpw declared 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 created by Samsung and Innosilicon. The new mining rigs are planned to go on sale to the general population beginning on September 1.
“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 for head to head with Bitmain and Avalon, and look to providing innovation in miners and advances in technology serving the crypto-mining sector.”