Canada-based DMG Blockchain Solutions is finishing installation of an 85-megawatt substation to expand its crypto mining operations and become one of the largest in North America.
The DMG crypto mining operation will be implemented on an industrial level with backing from the local government and electricity providers, the firm announces in a newsletter.
The mining facility is scheduled to be fully operational by September of this year with 60 megawatts available for energising mining rigs, and will reportedly be one of the largest mining facilities in the region.
READ MORE: What is cryptocurrency mining?
“This facility will become DMG’s flagship crypto mining operation in Canada and further expand its mining-as-a-service (MaaS) capacity. Deployment of its new 85-megawatt substation will increase DMG’s hosting capability by more than 20 times.” reads the newsletter.
“Building and managing a crypto mining operation at an industrial scale requires a world-class supply chain as well as direct access to local government and electricity providers,” says DMG COO Sheldon Bennett. “Our management team at DMG is unique in that we have the experience, the relationships, and the capital backing to do this successfully.”
READ MORE: Environmental impact of Bitcoin mining
Canada is currently a worldwide leader in crypto mining due to its low energy costs, and the province of Quebec has an energy surplus of 100 terawatt-hours over 10 years and offers some of the lowest electricity rates in North America, says Hydro Quebec.
The energy firm recently proposed a new scheme that requires miners to bid for electricity, aiming to allocate about 500 megawatts, in addition to the 120 megawatts of existing initiatives. A few weeks ago, Toronto-based Bitcoin mining company Hut 8 announced the completion of its second mining site, making the company the world’s biggest publicly-traded operator at a capacity of 66.7 megawatts.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.