Digital Power Optimization, Inc. has joined hands with a hydroelectric power producer and a billion-dollar family office to establish a new green-powered company known as Cascade Digital Power. The company’s goal will be to mine digital currencies and provide mining services like repairs and maintenance to crypto projects throughout the U.S. while utilizing 100 percent renewable energy. The move is slated to bring down the carbon footprint of what has long been considered a pollutive industry and create jobs.
Digital Power Optimization Will Use Hydroelectricity to Mine Bitcoin
The arguments surrounding bitcoin mining continue to permeate the space. On the one hand, the only way you can have crypto in your account is if it is mined. At the same time, there are many environmentalists out there who claim that crypto mining ultimately harms the atmosphere and puts the planet on course towards irreversible damage.
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There have been many industry heads out there that have sought to avoid crypto mining like the plague. Elon Musk, for example, briefly announced last year that his company Tesla was going to let customers buy electric vehicles with bitcoin, though this decision was later rescinded given that Musk suddenly found himself frozen in fear by the mining prospects. He claimed that many miners were not utilizing their energy sources correctly, and he would only allow bitcoin purchases if miners agreed to be more careful and transparent.
Kevin O’Leary of “Shark Tank” fame also rang in. He stated that he would no longer be buying crypto mined in China given the country’s lack of environmentally conscious extraction methods.
With so many people out there afraid of what crypto mining can do to the planet, Cascade is looking to put a damper on the damage and make things safer for traders. Andrew Webber – the CEO of Digital Power Optimization – stated in an interview:
We are excited about this announcement because this project brings together several elements that we think are important to the future of energy and crypto. The green and consistent nature of hydroelectric power makes it a perfect supply for cryptocurrency mining, as has been demonstrated around the globe. Here, we’re deploying mining in a vertically integrated way at a 114-year-old asset and creating a win-win-win scenario for everyone involved.
How Does This Help the Community?
Alex Stoewer – the COO of Digital Power – also rung in, claiming:
This project dramatically accelerates the recoupment of the capital expenses our partners at Wiconi incurred in bringing this project back from its prior state of disrepair. The addition of cryptocurrency mining not only allows us to revitalize these underutilized and undercapitalized hydro assets, but also creates jobs in local communities and incentivizes more development of green power production. Underinvestment in our nation’s infrastructure has reached dangerous levels, and we believe this is one way the private sector can help take the burden off.
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