Moving Into Hydroelectric Power
Crypto Caverns is proud to announce that it is fully moved in to its Plattsburgh, New York facility. This move represents a major shift in Crypto Caverns’ global strategy, as we see North America as the next center for cryptocurrency mining.
Hydropower has been providing America with clean electric energy for over 130 years. It is the oldest renewable energy source and its value will only increase as the world continues to shift to sustainable electricity. Not only that, but hydropower offers an environmentally friendly, carbon neutral and natural way of mining cryptocurrency.
According to a 2021 cryptoasset benchmarking study compiled by the University of Cambridge Centre for Alternative Finance, a significant majority of miners — 76% — use renewable resources as part of their energy mix, with hydropower being their number one source of energy.
It’s no secret that crypto mining requires powerful computer equipment to run continuously throughout the day under extremely high loads, making breakdowns due to overheating a real problem. And downtime means operations are losing money.
According to a recent study from Navigant Consulting and the American Council on Renewable Energy, hydropower offers the lowest levelized cost of electricity across all major fossil fuel and renewable energy sources, and costs even less than other energy efficiency options.
Supporting Plattsburgh’s Local Economy
Using hydropower to mine cryptocurrency is a great way to support local economies and their operations. All over the country, rural and less populated areas are filled with old chemical plants, auto manufacturers or steel mills that once employed thousands.
Upstate New York in particular has cheap hydroelectric power and scores of shuttered power plants and old factories, making it ripe for Bitcoin mining. With existing connections to the power grid, this abandoned infrastructure can often readily be converted for crypto mining.
The Bitcoin mining industry continues to see a flurry of activity with the ongoing migration of operations to the United States. Crypto mining operations are helping grow local economies and consuming renewables that would otherwise be wasted.
This move represents a significant step in our expansion plans. We are looking forward to working with the city of Plattsburgh to help develop their infrastructure and green energy resources, and bringing jobs to its people.