In line with a recent announcement published on 8th Nov., Canadian blockchain and cryptocurrency company DMG Blockchain Solutions Inc. has energized its new crypto mining facility. The new mining facility would start at sixty megawatts, and would expand its capability up to eighty five megawatts.
Initially DMG Blockchain Solutionsdisclosed its plans to launch the station earlier in July, stating that their crypto mining operationareenforcedonanindustrial scale withdirect permissionfrom the nativeauthoritiesand electricitysuppliers. The stationcansupposedlyincrease DMG’s hosting capability byover more than twentytimes.
As per the statement, the 27,000square measurecrypto mining-as-a-service [MaaS] operation occupiesa localityofthirty fouracres and isone ofthe largestsuch operators in North America. Sincethe facilityuseselectricitypower — ofthatwhich is surplus inCanada— the operationcanreportedly noteffectpowerdesiresofnativeresidents.
Independence from thenative communitygrid is crucial for the project’s success, as DMG’s neweighty fivemegawattfacilityneedsan equivalentquantityof electricityrequiredto power50,000 homes. Dave Evdokimoff,CEOofnativeelectricalmerchandiseand services company Boundaryelectric,statedthat “in Boundary Electric’sseventy oneyears of business,we’vene’erseena requirementwithin theelectricalmanufacturing industry quite likewhat’sbeing generated from the cryptopace.”
Due toanabundance of hydro-electricityand low powerprices,Canadahas becomeanattractve location for cryptocurrency mining. Earlier in June, major Canadian electricitysupplierHydro-Québecporposednew rules,underneathwhichblockchaincorporationsareneededto bid for electricity and quantifythe rolesand investment they expectto come up withpermegawatt.
With that move, Hydro-Québec seeks toallotup tofive hundredmegawatts,additionallytoa 120megawatts of already existing initiatives.The facilityprovidersupposedlyreceived requeststo buy power fromoverone hundredorganizations witha totalenergy consumptionexceedingtenterawatt hours.
The U.S. stateof New Yorkis additionallyflush with hydropower, as earlier this summer state regulators approveda brand newelectricity rateschemefor crypto minersthat maypermitthemto bartercontracts. The Massena municipal utilitycancontemplatecontracts on aitem-by-itembasis,which canshieldalternative utility customers fromenlargedrates.