×
Thursday, May 30, 2024

Crypto Caverns Announces Expansion Plan for New US-Based Data Center Facility

Last updated Monday, October 30, 2023 14:29 ET

Crypto Caverns announce latest expansion plans with a new US-based data center facility on the horizon.

New York, New York, 10/30/2023 / SubmitMyPR /

Industry-leading crypto mining hosting company Crypto Caverns has announced plans to build a US-based data center facility, representing the company’s thrust towards sustainable computing and cryptocurrency mining.

The proposed data center is planned for a 25-megawatt capacity and will be run by Distributed Global Computing, the parent company of Crypto Caverns, which will be allotted 10 megawatts of the total capacity. The data center will have on-site power generation, resulting in better energy efficiency and maximized uptime due to the independence from the unpredictable power grid. The on-site power plant will be powered by clean natural gas, which is a key component in a renewable energy grid. This will be Crypto Caverns’ first gas-powered generation facility, with all previous ones being hydroelectric. By consuming natural gas, a byproduct of coal and oil extraction, methane, an incredibly potent greenhouse gas, is transformed into less potent CO2.

According to industry expert and Crypto Caverns CEO Rufus J Wright, grid power is becoming more expensive in the US, and on-site generation is increasingly becoming a viable alternative for power-intensive businesses such as data centers. Taking advantage of favorable incentive schemes from the government, which seek to alleviate the load on the grid, also make on-site generation an even better investment.

The data center’s final location has yet to be confirmed, and Crypto Caverns is looking to partner with local governments and link the on-site generation facility to the grid, helping stabilize the local power supply.

The strong growth in demand for computing power, including cryptocurrency mining and artificial intelligence applications, has caused Crypto Caverns to stretch its capacity almost to the limit, marking the need for a new expansion that is still eco-conscious. Once a location has been selected, the facility is expected to be inaugurated in one year’s time.

Wright says that, once operational, the new data center will be around 10 times larger than Crypto Caverns’ next-largest facility in the US, demonstrating the company’s commitment to strengthening its onshore computing capabilities. Having more of its computing capacity on US soil gives Crypto Caverns’ more control and reduces reliance on overseas jurisdictions, which could be subject to disruption due to geopolitical tensions

“I believe this facility represents Crypto Caverns’ entry into the big leagues of crypto mining and data centers, as well as serves as a stepping stone to bigger things,” Wright says. “This will be our largest center in the US to date, and will likely be among the top 100 largest data centers in the country. With our funding efforts nearing completion, investor interest in the project is growing rapidly, and we are coming closer and closer to becoming wholly profitable. What we’ve learned from the crypto mining business has served us well in the creation of distributed AI computer systems, which has shown great promise in revolutionizing the global datacenter marketplace.”

Media contact

Name: Rufus Wright

Email: [email protected]

There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation.


Original Source of the original story >> Crypto Caverns Announces Expansion Plan for New US-Based Data Center Facility