DMG Blockchain Officially Powers Up 85 Megawatt Cryptocurrency Mining Operation in Canada
The Canadian cryptocurrency and blockchain technology company DMG Blockchain Solutions Inc. announced that it decided to start a new cryptocurrency mining facility. As per the report released on November 8, DMG explains that the facility will start with 60 megawatts and will reach 85 megawatts in the future.
The facility is one of the largest North American mining farms. As per the report, the company is located in an area that has abundant hydroelectric power. This is very important because it would allow the company to reduce electricity costs in a moment in which Bitcoin is operating stable close to $6,500 dollars.
According to the statement, the company has a 27,000 square foot cryptocurrency mining-as-a-service (MaaS) in an area of 34 acres. It is important to mention that the operation will not be affecting the power needs of the residents of the region.
Indeed, this is a key point of this mining facility that requires the same amount of energy to power 50,000 homes. Since Canada has an abundance of hydroelectricity plants and low power costs, the country became a very attractive location for virtual currency miners. Back in June, one of the most important Canadian electricity providers, Hydro-Québec announced new rules for companies interested in purchasing electricity. Firms will have to quantify the number of jobs created and the investment that they are expected to generate per megawatt.
Dave Evdokimoff, CEO of Boundary Electric, said that the company has never seen a demand in the electrical manufacturing industry as it is being generated from the crypto space.
About it, Evdokimoff said:
“The opportunity to collaborate with DMG on projects has brought to the forefront their commitment to creative solutions facing their industry. DMG’s approach to the design process highlights a partnership strategy focusing on cost-effective solutions without compromising quality.”
At the same time, Hydro-Quebec is also seeking to allocate around 500 megawatts in addition to the 120 megawatts that it already has in existing initiatives. Moreover, the company has also received over 100 requests from different organizations. The demand exceeds 10 terawatt hours.
Cryptocurrency mining activities have expanded all over the world. China, Canada, Switzerland, Iceland, the United States and Russia became very important locations for mining activities. In order to remain profitable, companies searched for places with cold weather and cheap electricity. With the price of the most important virtual currencies in a bear trend since the beginning of the year, mining activities became almost unprofitable for some smaller and medium-sized miners.
At the time of writing, Bitcoin’s hash rate is 43,213,784 TH/s. Since its all time high a few months ago, Bitcoin’s network lost 30% of its hash rate.