DMG begins construction of 85 MW crypto extraction facility in Canada

DMG Blockchain Solutions, a Canadian cryptocurrency mining company, announced that it had begun installing a large substation for its mining operations. The company has received support from energy suppliers and the local government of Vancouver and expects the substation to be connected to the grid and ready for operation by September.

The company said in a press release that, from the beginning, it will have 60 megawatts (MW) available to power its mining operations. However, the substation should have a total capacity of 85 MW. This will be DMG's flagship mining facility in Canada and will increase the company's ability to offer mining functionality as a service (Maas).

With the new facility, DMG will accommodate 20 times more mining operations currently doing. Sheldon Bennett, chief operating officer of the company, explains, "The construction and management of a cryptomining operation on an industrial scale require a world-clbad supply chain as well as Direct access to local authorities and electricity suppliers. Our DMG management team is unique in that we have the experience, relationships and capital to do it successfully.

The various facilities operated by the company in Canada allow it to serve its own mining operations. like those of several MaaS customers. According to the press release, this allows DMG to evolve more quickly by "balancing the capital requirements and investor returns of the traditional mining model with the low capital requirements and regular revenue generation of the MaaS model."

The migration of cryptocurrency miners in the last six months, drawn to the country for its low rates of energy consumption and an abundance of electricity. Although Vancouver has received a lot of attention, Quebec has been the preferred target for the majority of mining operations. Hydro – Québec, which supplies energy to all of Quebec, has an energy surplus of about 100 terawatt – hours over 10 years and extremely low costs compared to most of Quebec. ;North America.

Migration has not been without concern, however. Hydro-Québec had to impose a moratorium on new cryptocurrency mining operations at the beginning of the year due to the influx of new operations. This moratorium was lifted in June and energy regulators are now considering a separate energy rate – higher than the residential rate – that would be charged to miners.

Note: Tokens in the Bitcoin Core chain (segwit) are called BTC coins. Bitcoin Cash (BCH) is today the only implementation of Bitcoin that follows the original Satoshi Nakamoto white paper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision of Bitcoin as a fast, frictionless electronic currency.