Canadian blockchain and cryptocurrency company DMG Blockchain Solutions Inc. has energized its new crypto mining facility, according to an announcement published Nov. 8. DMG states that the facility will start at 60 megawatts, and can expand its capacity up to 85 megawatts.
DMG Blockchain Solutions initially revealed its plans to launch the station in July, stating that their crypto mining operation will be implemented on an industrial scale with direct support from the local government and electricity providers. The station will purportedly increase DMG’s hosting capability by more than 20 times.
Per the recent statement, the 27,000 square foot crypto mining-as-a-service (MaaS) operation occupies an area of 34 acres and is one of the biggest such operations in North America. Since the facility uses hydroelectric power — of which there is a surplus in Canada — the operation will reportedly not affect power needs of local residents.
Independence from the local community grid is crucial for the project’s success, as DMG’s new 85 megawatt facility requires the same amount of electricity needed to power 50,000 homes. Dave Evdokimoff, CEO of local electrical products and services company Boundary Electric, said that “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.”
Due to an abundance of hydroelectricity and low power costs, Canada has become an attractve location for cryptocurrency mining. In June, major Canadian electricity provider Hydro-Québec proposed new rules, under which blockchain companies will be required to bid for electricity and quantify the jobs and investment they expect to generate per megawatt.
With that move,