Much has been said about the amount of energy consumption needed for mining Bitcoin ...go ahead, just Google: Bitcoin energy consumption, and let the floodgates open up. This may be a more recent FUD attempt at discrediting the functionality and sustainability of Bitcoin, but thankfully some are showing that mining Bitcoin and digital currencies can be done efficiently, repurposing pre-existing infrastructure and by way of renewable sources of energy.
Earlier summer we reported that Bitmain had plans to not only revitalize a defunct Alcoa smeltery in Rockdale, Texas, but also bring new jobs and technical training to the small town. In March we reported that a Czech company, Nakamoto X, is using bio-waste to power their mining facility, additionally, the heat byproduct from the mining rigs is then channeled to a greenhouse growing large quantities of tomatoes. We're now happy to report that hydroelectric power is being used to power another large mining operation in Valatie Falls, New York.
DPW Holdings, based out of Newport Beach, California, is repurposing an aging hydroelectric dam in New York state. DPW Holdings will use the Valatie Falls dam as its sole source for low-cost and renewable energy to power their Super Crypto Mining facility. Working with engineers at Coolisys Technologies, Inc., DPW's new mining facility has repurposed the 35-year old dam to provide 1-megawat of power to their facility. Another interesting tidbit, DPW's facility will be using their own proprietary miners, the AntEater™, which of course pokes fun at the current staple in the mining industry, Bitmain's AntMiner, which was developed collaboratively with Samsung Semiconductors. DPW Holdings' Chairman and CEO, Milton "Todd" Ault, III had this to say about the new operation:
“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. 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."
DPW plans to bring the operation fully on-line by the Q4 2018. So remember, as with any industry that consumes electricity, it takes time to find renewable, efficient innovations. The mining of Bitcoin and digital currencies is still very new, but progress is being made by the forward-thinking individuals and organizations setting up new crypto-based operations. Successful implementation of mining operations like DPW, Nakamoto X and Bitmain are blazing a trail for the next up-and-coming mining operations to improve upon the conventional methods for harnessing sources of energy, and keeping crypto in the green.