Whereas there are certain cryptocurrency users who are still worried about the bear market, DMG Blockchain Solutions, a major Bitcoin mining facility in Canada has officially started its operations as earlier announced.
Signs Of No Bear Market
Barely three months after the announcement was made, DMG Blockchain Solutions, a BTC mining facility that was announced in July has now gone live in Canada’s British Columbia. Even though the full capacity of this cryptocurrency mining farm is 85 megawatts, only 60 megawatts will be used at the operation in its early days. The crypto mining farm covers a total area of 27,000 square feet. This facility will be using an operation widely known as Mining as a Service, and its power would be entirely generated from the hydroelectric power. DMG has done a lot of things to ensure this facility operates as promised and delivers on its main target. Apart from installing a substation that is entirely meant for this plant, DMG has made the area accessible by building a clear road to the mining farm.
Unlike many cryptocurrency mining stables that have been accused of interfering with the power needs of the residents of the areas they set up facilities, DMG works differently. The operators of this British Columbia-based mining factory have clearly stated that the local community will not be disenfranchised by their presence in any way possible.
The Extended Timeline
Back in July when the project was announced for the first time, the management stated that it would begin operations by September. At that time, this advanced blockchain and cryptocurrency stable stated that the 85 megawatts facility would be able to double its main capacity by more than twenty times. It is no doubt that DMG opted to set up this facility in British Columbia, Canada; there are clear reasons for that. Canada, over the past few months, has become one of the preferred destinations for mining of Bitcoin. This is attributed to the abundance of affordable hydroelectric power that this country has. The country is also famous for its low temperatures, which allow the miners to lower on their cooling costs. That is why this newly-set facility is set to go places and even deliver past its set target.
Regulatory Crackdown Fears
At the beginning of this year, it was reported that cryptocurrency miners were exiting China over fears of what was termed as regulatory crackdown. Most of the exchanges and the mining operators that left China headed straight to Canada. The China-based crypto mining companies that were said to be contemplating moving to the North American country included BTC.Top, ZQMiner, and Bitmain. However, it is important to note that the crypto mining firms have not been fully embraced in the entire areas of Canada. It can be remembered that Quebec, at the beginning of the year, set a moratorium on the mining of cryptocurrency. This came after it was reported that several mining operators had flooded the area, raising the fears of a reduced demand.