DMG (“Digital Mint Group”) Blockchain Solutions Inc., a Vancouver, Canada-based firm that develops “end-to-end digital solutions to monetize the blockchain ecosystem”, has announced that it has “energized up to 60 megawatts of its 85 megawatt crypto mine.”
The company’s large-scale crypto-mining-as-a-service (MaaS) solution is located on a 27,000 square foot property in British Columbia, Canada.
Huge Demand For Energy From Crypto Sector
According to the announcement’s press release, DMG’s mining operation uses clean hydroelectric power, and it will not affect the local community’s power supply.
Commenting on the huge demand for energy in the crypto mining sector, Dave Evdokimoff, the CEO of Boundary Electric, said:
In Boundary Electric’s 71 years of business, we have never seen a demand in the electrical manufacturing industry quite like what is being generated from the crypto space. The opportunity to collaborate with DMG on projects has brought to the forefront their commitment to creative solutions facing their industry. DMG’s approach to the design process highlights a partnership strategy focusing on cost effective solutions without compromising quality.
Building A Road, Establishing Power Substation, Creating Jobs
In order to establish its “green-powered crypto mine”, DMG had to install and operate its own power substation and build its own road – which took almost a year to complete and helped create more jobs for locals.
FortisBC is excited to be working with DMG on this project. Not only is DMG one of the largest electric customers we have ever connected, but it’s an emerging industry that’s providing new opportunity for rural communities.
Notably, the electrical power required to operate DMG’s crypto mining facility is “enough to power a city of 50,000 homes.” However, the company’s power supply comes from its own grid, so it is independent from, and does not impact, the local community’s grid.
Starting Out As Only A Bitcoin Mining Company
The FAQ section on DMG’s official website explains that the company started out only as a bitcoin (BTC) mining service, and it has expanded its operations since then by also providing “the automation of trust for the movement of high-value assets among multiple parties.”
According to DMG, the use cases and applications for its blockchain-based asset transfer service include “supply chain management, Internet-of-Things (IoT), identity management and in-network payments.”
Dan Reitzik, the founder and CEO of DMG Blockchain Solutions, said:
DMG now proudly owns one of the largest, most cost-efficient, bitcoin mining facilities in North America–and we’re doing it in a responsible way with the local community. It was an audacious undertaking, but DMG’s executive team has been in the mining space for years, and we have the know-how and connections with the utilities and government agencies to pull it off.