A new crypto mining facility is set to become one of the largest of its kind in North America. DMG Blockchain Solutions recently began installing a new electrical transformer and power substation to increase its mining efforts and to take its operations to the next level.
DMG has announced details regarding their newly installed crypto mining facility that is to become one of the flagship digital currency mining operations in Canada.
Innovative crypto mining facility in Canada
DMG has a reputation as being a diversified blockchain company that aims to create monetized blockchain ecosystems. The company recently announced news of the installation of a massive 85-megawatt capacity transformer, alongside a fully-powered electrical substation that will push the expansion of their new crypto mining facility.
The company will use the new facilities for in-house operations and for clients such as Mining-as-a-Service (MaaS). DMG talked about how their hybrid model will ensure they can scale their mining needs more rapidly than with a pure mining model.
DMG went on to talk about how their new substation, which is connected to the main power grid, will be working properly by September. This new expansion and creation of more infrastructure will increase the plant’s capacity by at least 20 times, which will make it one of the largest of its kind in North America.
COO at DMG, Sheldon Bennett, has pointed out that the creation and installation of a crypto mining facility of this scale need not only very skilled personnel, but also great cooperation with local authorities by saying that, “Our management team at DMG is unique in that we have the experience, the relationships, and the capital backing to do this successfully.”
Another DMG official, executive vice president, Steven Eliscu, was also very optimistic about the company’s future with their new “leading-edge mining equipment and access to low-cost power.”
Changing face of cryptocurrency mining
Although DMG is essentially a crypto mining firm, they are also focused on creating a platform that ensures a supply chain that performs KYC (Know your Customer) and AML (Anti-money laundering) features.
The main downside to creating a crypto mining facility has always been the high levels of electricity consumption. Many regions and areas are concerned about the vast electric usage for crypto miners that can have a knock-on effect to such an extent that local energy companies can’t keep up. This is why locals worry about miners flocking to their areas to set up mining operations.
Some areas across Canada have taken the concerns into their own hands, with reports from the media in Quebec that the province’s main energy company was given permission to raise the local electricity rates for crypto miners and other mining operations.
In recent news, the upstate New York Massena Electric Department created new regulations that were designed to offer cut-price electricity to crypto miners just to get them out of the city and to protect New York residents. We will see much more of this happening as crypto mining becomes more widespread.
As the face of the industry constantly evolves, mining operations such as the DMG crypto mining facility being installed in more remote places might well be the future of industrial-scale crypto mining.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.