DPW Holdings Inc (DPW) Crypto Subsidiary Gains Cost-Friendly Access to Powerhouse Electricity for Miners
DPW Holdings Inc (NYSE:DPW) is a diversified electronics company with a hook in the volatile crypto-verse that led to massive momentum last year just sent shares rising 7% today.
Why? The company’s subsidiary Super Crypto Mining has dotted the i’s and crossed the t’s in a deal with a U.S.-based entity that secures the right to 25 megawatts of power. The agreement has been set to support SCM’s operations that circle a whopping roughly 20,000 mining rigs at the location- electricity at a cost-friendly price with worldwide locations.
The DPW team sees this deal as a key play in helping achieve objectives for the year while also offering room for more gains down the line.
“We are excited about this new arrangement for many reasons. This not only helps SCM reach our 2018 goals but also provides capacity for future growth. We are proud to be working with a well-respected data facility leveraging efficiencies that result in a symbiotic cost-effective relationship. This is a unique relationship whereby SCM has obtained access to electricity for the miners at costs competitive with global locations, meaning that we can maintain our operations within the U.S. We will have more to share in the coming months specific to the operation as well as “Green Energy” practices that we are employing at the location,” commented Darren Magot, the CEO of SCM.
SCM will be placing at least 2,000 mining rigs at the new location practically immediately. Some of these machines will be supporting our Cloud Mining offering, which we expect will commence on May 1, 2018.
“This is just another example of how Super Crypto Mining is executing on its plans and adding value to the parent company, DPW Holdings,” commented Milton “Todd” Ault III, the Company’s CEO and Chairman. “This new arrangement will allow SCM to build out as it ramps up its operations, dependent on the timing of financing and product availability.”