Digital Power Corporation (NYSE: DPW) shook off early gains Wednesday after the company reported that it added co-locations to its deployment strategy for digital miners to further goal of reaching 10,000 digital miners.
The company based out of Fremont, California, announced it added the use of co-locations to its deployment strategy as it moves forward to attain its goal of achieving 10,000 digital miners of cryptocurrencies deployed worldwide. Last week, the Company entered its first co-location agreement that will ultimately provide for the installation of 1,000 units digitally mining a mix of the top 10 cryptocurrencies, in addition to the units already operating, as previously announced.
The Company’s cryptocurrency mining division decided over the past two weeks that to best attain its goal of 10,000 machines on a timely basis that an additional approach to digital mining would be effective. In addition to the use of the Company’s current manufacturing and office facilities and the purchase or leasing of new operational locations, the Company believes that co-locations hosting servers and networked devices can be readily leveraged.
Co-locations can provide key elements including privacy, security, operational access/control, power capacity /redundancy and operational expertise. Co-locations also have the versatility of entering agreements spanning a short or long-term period thus providing the ability to grow from long-term planning or necessitated to resolve through pivoting to fulfill short-term requirements. The Company will continue to research other co-location opportunities to deploy its network of digital miners nationally and internationally.
The shares found themselves behind Tuesday’s close by 13 cents, or 3.1%, to $4.03.
