Who says the cryptocurrency market is slowing down?
DMG Blockchain has opened up a brand-new cryptocurrency mining facility in British Columbia that runs on 85 megawatts of clean hydroelectric power. The Vancouver-based company will host its own operations as well as third-party customers in the facility, offering Mining as a Service solutions. Once it is fully operational, DMG’s new facility will be one of North America’s largest cryptocurrency mining centres.
The new facility is 27,000 square feet and sits on 34 acres of land. DMG states that it runs entirely on hydroelectric power and will not have an impact on the energy needs of the surrounding communities—which is a great assurance, considering this facility consumes the same amount of energy that can be sued to power 50,000 homes.
“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,” said Dan Reitzik, CEO of DMG Blockchain Solutions. “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.”
To build this station, DMG had to construct their own roads, install personal power stations, and create dozens of new jobs. One of the companies DMG worked with is the high-voltage electrical equipment provider Boundary Electric.
“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,” said Dave Evdokimoff, CEO of Boundary Electric. “The opportunity to collaborate with DMG on projects has brought to the forefront their commitment to creative solutions facing their industry.”
The different provinces in Canada have had varying reception when it comes to cryptocurrency mining. Companies like Hut 8 have mined tens of millions of dollars in bitcoin this year in Alberta, while Quebec has severely hampered miners by placing energy and registration restrictions on them.