DMG Blockchain’s 85 Megawatt Crypto Mining Facility In Canada Goes Live
According to the official announcement made by DMG Blockchain Solutions on November 8th, 2018, the company’s new mining facility situated in British Columbia, Canada, is now operational.
The company states that the 27,000 square foot operation runs on the clean hydroelectric energy, and has the full capacity of 85 megawatts, which is enough to power 50,000 homes.
DMG’s cryptocurrency mining farm reportedly took a year to be built with its own substation and roads built exclusively to suit the operation.
Within the interests of the community
Canada is quickly becoming home to many large-scale cryptocurrency mining operations. Companies such as ZQMiner, Bitmain, and BTC.Top are either exploring setting up shop in the country or have done so already. Canada can offer cheap electricity, can fulfill energy needs and has lots of room to operate.
The country is offering these businesses enough electrical energy to run their operations due to the enormous wealth it has in terms of natural resources. As a bonus, average temperatures in the country highly benefit crypto mining, as the expenses for cooling get cut substantially lower in colder regions.
Still, not all Canadians look favorably upon the new industry in their neighborhood. For example, the province of Quebec placed a moratorium on all crypto mining in the province as they feared that the high energy consumption may jeopardize the stability of their electrical infrastructure.
Mining companies applied for a permit would spend approximately 10TWh out of a 13TWh overall capacity of the network, combined, which was, of course, unacceptable.
To clear all possible doubts and fears, DMG emphasizes that their facility is not going to suck electricity from the community’s network, but use their own, independent system to power up their operation.
In order to present it as a valuable project, the director of energy solutions at FortisBC, Jason Wolfe, stated that, despite being one of the largest customers his company ever connected to the electric grid, DMG is bringing new opportunities for the rural community it is surrounded by.
Community first mindset
At the moment, DMG’s new Canadian mining facility, which is among the largest such operations in North America, only utilizes 60 megawatts out of a total of 85 megawatts (~71%).
CEO of DMG Blockchain Solutions, Dan Reitzik, stated that his company’s mining farm is one of the most cost-efficient ones on the continent and has been built with a very cautious approach towards the surrounding community.
“It was an audacious undertaking,” stated Reitzik, but added that his team has enough experience in the industry to be able to pull it off in the most satisfying way for the company and the environment alike.
Trust towards cryptocurrencies
Mining operations of such grand scale take gigantic investments to set up. Considering that we are in the phase of the prolonged bear market, we can deduce that all these mining companies are presenting a noteworthy high level of trust towards Bitcoin and other cryptocurrencies, especially if we look at the high expenses for running said mining farm.
It seems that their executives have decided that it will be profitable to invest in the operation of that magnitude, and thus, can be portrayed as another group of strong crypto believers.