Virtual Currency Ormeus Coin is using renewable energy generated from a hydro dam near the Niagara Falls on the American/Canadian border to power a industrial crypto mining operation.
Ormeus has joined forces with local authorities and the Moses-Saunders Power Dam – a colossal hydro project that stretches over the St. Lawrence River Valley for more than 30 miles.
The dam has 32 turbine-generators divided equally by the international border with 1,045MW operated on the Canadian side and 912MW being run from Massena, upstate New York.
The extensive $250m Ormeus Coin mining farms in the Midwest and New York take advantage of a variety of technologies, including artificial intelligence and custom-built algorithms which help the data centers run at maximum efficiency – thereby increasing profits to almost $7m per month.
However, it is cheap energy from the hydro dam that gives Ormeus the ultimate mining edge with some of the lowest electricity rates in North America and extremely low or free energy distribution costs.
Ormeus Coin spokesperson said: “The dam offers low-cost power under a statutorily authorized program called Preservation Power, which protects and promotes jobs in the upstate New York area of Massena.”
“The legislation allows proceeds from sales of certain hydropower blocks to be used for economic development in the St. Lawrence County area.
Ormeus Coin’s spokesperson said: “Ormeus Coin is currently adding jobs to the area as promised with one of our new mining facilities close by.”
Cryptocurrency miners are following the Ormeus Coin lead and moving their facilities to the St. Lawrence County area of upstate New York, which is now being described as the ‘Silicon Valley of Crypto Mining.’
Ormeus executed a lease for a 15,000 square-foot mining center in the northern New York area last August and the operation is already making gains as Bitcoin stabilizes around the $10,000 mark.
Ormeus Coin is expected to release its new cryptocurrency wallet shortly, and further announcements regarding the coin being added to large crypto exchanges are imminent.