A new 85 Megawatts cryptocurrency mining facility has been put into operation by one of the leading blockchain firms in Canada. According to an announcement that was made on the 8th of November 2018, DMG Blockchain Solutions Inc., one of the most established cryptos and blockchain companies in Canada has introduced a new cryptocurrency mining facility to its operations.
Operations To Begin In July 2019
The company has stated that the facility will begin its operations at 60 megawatts, and will be able to expand its capacity up to 85 megawatts. Initially, this Canada-based cryptocurrency mining stable had revealed that they have plans to launch their operations in July 2019. It had further clarified that its cryptocurrency mining operation will have a full support both from the electricity providers and the local authorities. The station will also have its implementations done on an industrial scale and increase the hosting capacity of the provider {DMG Blockchain Solutions} by over 20 times.
Going by what was contained in the recent statement, this crypto mining facility will be the largest to have been established in the entire North American region. While the cryptocurrency mining-as-a-service operation is 27,000 square foot, it is operated on a total area of 34 acres. The local residents have nothing to worry about because the operations will not affect their power needs. This is because the facility will be running on hydroelectric power, and Canada is one of the countries with a real surplus for hydroelectric power.
Local Community Grid Independence
For the project to succeed as planned, there must be what would be referred to as independence from the local community grid. It should be remembered that the new 85-megawatts facility by DMG would need the same amount of electric power required to power up a total of 50,000 homes. According to the Chief Executive Officer of Boundary Electric, Dave Evdokimoff, they have never witnessed a demand in the market of electrical manufacturing close to something being generated from the cryptocurrency market. Boundary Electric, a local company dealing with electrical products and services has been in service for the past 71 years.
Canada: An Attractive Crypto Mining Destination
Based on the low cost of power and the abundance of hydroelectricity, Canada has now become one of the most attractive locations for the mining of the virtual coin. Hydro-Quebec, a major Canadian electricity provider came up with new rules, under which the blockchain firms will be needed to bid for electric power and quantify the investment and jobs they are expected to generate per a single megawatt. With that particular move, the company is looking forward to allocating a total of 500 megawatts that would be added to the already existing initiative of 120 megawatts.
It was reported that this established power supplier in North America obtained requests to buy power from more than a hundred companies that have a total energy consumption of more than 10 terawatt hours. These improvements are set to totally change the crypto market.