Digital Power Optimization Raises $2.5M in Funding Round Led by NYDIG
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Digital Power Optimization Inc, a major energy services provider, announced on Wednesday that it has raised $2.5 million in a Series A funding round led by NYDIG bitcoin company. Other investors such as Wakestream Ventures, NBDR Ventures, Luxor Technologies and private individuals within the renewable energy, crypto and
bitcoin
Bitcoin
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities.
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities.
Read this Term mining sectors also participated in the funding.
Digital Power stated that it wants to use the funding to expand its business operations to several sites around the U.S. and Europe. Additionally, the firm will utilize the funding to increase its headcount, boost marketing and business development efforts, as well as deploy additional mining computers at new locations.
Established in February 2020 and headquartered in New York, Digital Power Optimization was designed to secure under-utilized renewable power generation assets. The company provides solutions to solve problems associated with the imbalances in the electricity system. The firm uses
crypto mining
Crypto Mining
Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the solving of complex mathematical equations through the application of cryptographic hash functions. The crypto miner who can solve the solution first can authorize that cryptocurrency transaction while also receiving small cryptocurrency payments in exchange for services rendered. Crypto mining is competitive, tedious, and generally requires that miners possess advanced computers with specialized hardware, increased processing power, and an unwavering internet connection. Electricity, cost of internet, and computing hardware make up the bulk of the expenses that affect the net revenue created through crypto mining. Most cryptocurrency miners generate no than a couple of dollars per day. To perform crypto mining, miners must possess computer hardware that is accompanied by a graphical processing unit (GPU) chip or an application-specific integrated circuit (ASIC). Recommended computer brands include both Windows and Linux since non-Windows systems tend to have a difficult configuration process. Once acquired, crypto miners must ensure that they have a constant internet connection, have a means to cool-off hardware, possess a legitimate cryptocurrency mining software.Miners also often require membership with both online mining pools and cryptocurrency exchanges.
Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the solving of complex mathematical equations through the application of cryptographic hash functions. The crypto miner who can solve the solution first can authorize that cryptocurrency transaction while also receiving small cryptocurrency payments in exchange for services rendered. Crypto mining is competitive, tedious, and generally requires that miners possess advanced computers with specialized hardware, increased processing power, and an unwavering internet connection. Electricity, cost of internet, and computing hardware make up the bulk of the expenses that affect the net revenue created through crypto mining. Most cryptocurrency miners generate no than a couple of dollars per day. To perform crypto mining, miners must possess computer hardware that is accompanied by a graphical processing unit (GPU) chip or an application-specific integrated circuit (ASIC). Recommended computer brands include both Windows and Linux since non-Windows systems tend to have a difficult configuration process. Once acquired, crypto miners must ensure that they have a constant internet connection, have a means to cool-off hardware, possess a legitimate cryptocurrency mining software.Miners also often require membership with both online mining pools and cryptocurrency exchanges.
Read this Term as a tool to help power plants and electrical grid operators manage load imbalances and the associated mispricings. The firm disclosed that the fresh funding will enable it to grow its team of experts and bring its main product ‘cryptocurrency mining as a service’ (CMaaS) to the global power and utility industries.
Andrew Webber, the CEO of Digital Power Optimization, talked about the fundraise and their partnership with NYDIG: “We are excited about this new round of funding led by NYDIG and the quality partnerships that come with it. NYDIG has an exceptional track record and reputation and has the experience to help DPO’s clients with challenges like secure custody, production hedging, transaction execution, regulatory guidance, insurance and equipment financing in an institutional fashion. In the end, this partnership makes it easier for DPO to do its job of bringing the flexibility and advantages of bitcoin mining directly to the energy sector as a much-needed aid in the management of power grids and the clean energy transition.”
Bitcoin Mining’s Potential Role in a Greener Energy System
Cryptocurrency mining mostly makes headlines because of the huge quantity of electricity the process consumes. However, the mining activity has strong potential in both demand response and opportunities to support the energy transition.
The high impact of electricity prices on miners’ operational expenses has already seen crypto mines move to North America for access to cheap hydropower and cheap wind and natural gas. This has led to much discussion of the potential value of Bitcoin mining to enable the development of new renewable generation.
In short, cryptocurrency mining is converging with the energy sector at a rapid rate, producing innovation that decarbonizes Bitcoin and benefits renewable grids. This is where Digital Power Optimization Inc comes to play in terms of helping power producers, energy firms and various users to make more efficient use of their energy and their generation assets.
Digital Power stated that it wants to use the funding to expand its business operations to several sites around the U.S. and Europe. Additionally, the firm will utilize the funding to increase its headcount, boost marketing and business development efforts, as well as deploy additional mining computers at new locations.
Established in February 2020 and headquartered in New York, Digital Power Optimization was designed to secure under-utilized renewable power generation assets. The company provides solutions to solve problems associated with the imbalances in the electricity system. The firm uses
crypto mining
Crypto Mining
Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the solving of complex mathematical equations through the application of cryptographic hash functions. The crypto miner who can solve the solution first can authorize that cryptocurrency transaction while also receiving small cryptocurrency payments in exchange for services rendered. Crypto mining is competitive, tedious, and generally requires that miners possess advanced computers with specialized hardware, increased processing power, and an unwavering internet connection. Electricity, cost of internet, and computing hardware make up the bulk of the expenses that affect the net revenue created through crypto mining. Most cryptocurrency miners generate no than a couple of dollars per day. To perform crypto mining, miners must possess computer hardware that is accompanied by a graphical processing unit (GPU) chip or an application-specific integrated circuit (ASIC). Recommended computer brands include both Windows and Linux since non-Windows systems tend to have a difficult configuration process. Once acquired, crypto miners must ensure that they have a constant internet connection, have a means to cool-off hardware, possess a legitimate cryptocurrency mining software.Miners also often require membership with both online mining pools and cryptocurrency exchanges.
Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the solving of complex mathematical equations through the application of cryptographic hash functions. The crypto miner who can solve the solution first can authorize that cryptocurrency transaction while also receiving small cryptocurrency payments in exchange for services rendered. Crypto mining is competitive, tedious, and generally requires that miners possess advanced computers with specialized hardware, increased processing power, and an unwavering internet connection. Electricity, cost of internet, and computing hardware make up the bulk of the expenses that affect the net revenue created through crypto mining. Most cryptocurrency miners generate no than a couple of dollars per day. To perform crypto mining, miners must possess computer hardware that is accompanied by a graphical processing unit (GPU) chip or an application-specific integrated circuit (ASIC). Recommended computer brands include both Windows and Linux since non-Windows systems tend to have a difficult configuration process. Once acquired, crypto miners must ensure that they have a constant internet connection, have a means to cool-off hardware, possess a legitimate cryptocurrency mining software.Miners also often require membership with both online mining pools and cryptocurrency exchanges.
Read this Term as a tool to help power plants and electrical grid operators manage load imbalances and the associated mispricings. The firm disclosed that the fresh funding will enable it to grow its team of experts and bring its main product ‘cryptocurrency mining as a service’ (CMaaS) to the global power and utility industries.
Andrew Webber, the CEO of Digital Power Optimization, talked about the fundraise and their partnership with NYDIG: “We are excited about this new round of funding led by NYDIG and the quality partnerships that come with it. NYDIG has an exceptional track record and reputation and has the experience to help DPO’s clients with challenges like secure custody, production hedging, transaction execution, regulatory guidance, insurance and equipment financing in an institutional fashion. In the end, this partnership makes it easier for DPO to do its job of bringing the flexibility and advantages of bitcoin mining directly to the energy sector as a much-needed aid in the management of power grids and the clean energy transition.”
Bitcoin Mining’s Potential Role in a Greener Energy System
Cryptocurrency mining mostly makes headlines because of the huge quantity of electricity the process consumes. However, the mining activity has strong potential in both demand response and opportunities to support the energy transition.
The high impact of electricity prices on miners’ operational expenses has already seen crypto mines move to North America for access to cheap hydropower and cheap wind and natural gas. This has led to much discussion of the potential value of Bitcoin mining to enable the development of new renewable generation.
In short, cryptocurrency mining is converging with the energy sector at a rapid rate, producing innovation that decarbonizes Bitcoin and benefits renewable grids. This is where Digital Power Optimization Inc comes to play in terms of helping power producers, energy firms and various users to make more efficient use of their energy and their generation assets.
Cryptocurrency
