A New York State company, DPW Holdings Inc., has decided to purchase the Valatie Falls dam with a goal of utilizing its power for a new bitcoin farm.
DPW Holdings Inc. Shall Open a New Bitcoin Farm in New York
Securing the funding through the subsidiary’s debt financing, the new mining operations should start in the last quarter of 2018. Via another sub-company, DPW’s Super Crypto Mining, the farm is to be located within the dam’s perimeter. With partnership established with engineers at Coolisys Technologies, Inc. and Valatie Falls Hydro, LLC, the site would be remodeled to accommodate bitcoin production.
The main advantage of the power generated through a dam lies in the cost-effective amount of electricity. Amount of energy needed for bitcoin farming increases on daily basis, which puts a hydroelectric site at the advantage over more conventional means of the power supply. It is thus no wonder that regulative bodies were concerned regarding the environmental protection and unfair financial gain allegations. 36 municipal power generators have signed a petition regarding the high costs that cryptocurrency mining generated.
The result was the approval of the Valatie Falls farm operations. The costs of power were significantly lower at the source of energy, rather than at a station distanced from it. DPW received approval for its plans while the government officials are hoping that such projects would help develop business infrastructure. With low electricity costs, local authorities also have the agenda of attracting new crypto farms. In that way, they can reap tax revenues from profitable coin production operations.