DPW Holdings Inc unveiled its plans to reopen New York’s Valatie hydroelectric Dam in the fourth quarter of 2018. The company announced on August 23, that the hydroelectric dam would open to provide sufficient, dedicated and low-cost renewable power to serve the needs of a new cryptocurrency mining firm to be built within the vicinity of the dam. The new cryptocurrency mining firm will be operated by Super Crypto Mining, a subsidiary of DPW Holdings Inc.
About DPW Holdings, INC
DPW Holdings, Inc is an established company with investment bound interests in diversified industrial fields such as commerce, defense/aerospace, medical, communication, crypto-mining, hospitality, textile and corporate investment/lending sectors. The company is implementing a growth strategy aimed at acquiring undervalued assets and disruptive technologies with a practical global impact.
In recent years, the Company has realized enormous growth and expansion from supplying advanced power products. DPW Holdings has become an industry leader in the supply of innovative technologies, superior design and developmental services as well as state-of-the-art power products and solutions. This success is attributed to its various subsidiaries fully established in their respective industrial sectors.
Details of the Project: Reopening of the Valatie Falls Hydroelectric Dam
Valatie Falls Dam was constructed in 1983 to generate 1-megawatt of electricity to serve the Valatie community. In March 2018, Digital Power Lending, a DPW subsidiary provided debt financing the LLC to acquire the dam. With the acquisition of the dam, Super Crypto Mining intends to build a new cryptocurrency mining farm at the dam’s site which will pioneer its new proprietary AntEater Miner. The new mining chip, launched in early 2018 was developed in collaboration with Samsung Semiconductors.
Milton Ault III, CEO, and Chairman of DPW Holdings, Inc stated that the acquisition and repurpose of Valatie Falls dam to provide dedicated and low-cost renewable power to the mining firm was vital in enabling the company to achieve an economically feasible and self-sustaining cryptocurrency mining venture.
Additionally, he affirmed that the project would provide an avenue in which various DPW subsidiaries will collaborate and transform cryptocurrency mining by significantly cutting down on the high electricity operational cost.
The project would be engineered by power solution engineers at Coolisys Technologies, Inc who collaborated with Super Crypto Mining engineers and LLC’s hydroelectric engineers tasked to upgrade and retrofit the Valatie Falls dam.
Based on the company’s forward-looking statement, the company anticipates the project to be a success despite potential financial risk factors associated with the project. Whether the project will be a success or not, the company is optimistic that it will revolutionize the lucrative cryptocurrency mining venture, and is hence worth the time and resources.