Category Archives: hydroelectric

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One of the Largest Cryptocurrency Mines in North America Begins Hashing

After months of planning, DMG Blockchain Solutions has begun mining for cryptocurrency at one of the largest cryptocurrency mines in North America. The mine is in a 27,000 square foot building in British Colombia, Canada, and has begun operations with 60 MW of power, with plans to ramp up to 85 MW – all clean hydroelectric energy that is off-grid. This is enough electricity to power 50,000 homes.

Assuming this new cryptocurrency mine uses the most efficient Bitcoin mining chips – the 7 nm chips that were developed by Bitmain which operate at 0.042 W/GH – the mine will operate at 1.4 Exahash/s at 60 MW, and 2 Exahash/s at 85 MW. With the current Bitcoin network hash rate averaging 50 Exahash/s, this represents 2.8-4% of the total hash rate. Doing a rough calculation, this new cryptocurrency mine would produce 50-70 Bitcoins per day, worth USD 320,000-440,000 per day. This may be an overestimate since the mining facility might not be using 7 nm chip technology, and some of the electricity may be used for other infrastructure associated with the mining farm.

One interesting thing to note is the creator of Bitcoin, Satoshi Nakamoto, was able to mine 50 Bitcoins every 10 minutes with a simple personal computer that barely used electricity. Ten years later today, it takes a 34-acre mining farm using 60 MW of electricity to produce 50 Bitcoins in a day.

It has taken a year to build this cryptocurrency mining supersite. A road and a new power substation had to be produced for the site, since the mining operation uses its own power grid fed by hydroelectric power, and does not interact with the normal consumer grid of British Colombia.

The CEO of DMG Blockchain Solutions, Dan Reitzik, said, “DMG now proudly owns one of the largest, most cost-efficient, bitcoin mining facilities in North America – and we’re doing it in a responsible way with the local community. It was an audacious undertaking, but DMG’s executive team has been in the mining space for years, and we have the know-how and connections with the utilities and government agencies to pull it off.”

On a final note, the creation of cryptocurrency mining supersites like this new one in British Colombia may be forcing individual miners out of the Bitcoin mining game permanently.

 

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Crypto Mining Farm to Harness Power of Entire River

DPW Holdings’ Super Crypto Mining subsidiary is going to be harnessing the power of an entire river to mine cryptocurrency. They have purchased a hydroelectric dam in Valatie Falls, New York, and are converting it into a crypto mining facility. The dam continuously produces 1 MW of clean renewable energy. The crypto mining farm is expected to launch by Q4 2018.

There have been concerns that crypto mining, specifically Bitcoin mining, is an environmental danger because it is consuming tremendous amounts of fossil fuel, which could damage the environment by releasing CO2 and toxic chemicals. One popular site, Digiconomist, says Bitcoin uses the same amount of electricity as the entire country of Austria and releases over 35,000 kilotons of CO2 into the atmosphere per year. Some experts say this is an overestimate of the energy Bitcoin mining uses though, and the CO2 estimate doesn’t factor in renewable sources. There is also no real cost-benefit estimate that takes into account the benefits provided by this activity, such as an immutable and virtually impregnable network of global payments.

If mining uses renewable energy like hydroelectric then it doesn’t damage the environment and this new crypto mining operations at Valatie Falls is a good example of how crypto mining can be environmentally friendly. In general, crypto mining hubs are clustered around renewable energy sources, like geothermal in Iceland and hydroelectric in China, because power costs are lower in those regions.

In addition to using renewable hydroelectric energy as a power source, DPW Holdings is installing Anteater mining rigs produced by Coolisys that are more energy efficient. Anteaters use 10 nm chips, instead of the standard 16 nm chips, and each rig has a hash rate of 17.2 TH/s with an energy consumption of 1,430 W.

Valatie Falls has the energy capacity for about 700 Anteater rigs, which yields a hash rate near 12 Petahash/s. This is only a drop in the bucket compared to the Bitcoin network hash rate of 62,000 Petahash/s, but still would yield a respectable USD 2,000+ per day of Bitcoin revenue at least for the time being. Of course, Bitcoin’s hash rate is exponentially increasing and mining is becoming more difficult long term.

 

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