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, Hydro-Québec seeks to allocate up to 500 megawatts,
in addition to 120 megawatts of already existing initiatives. The
power supplier purportedly received requests to purchase power from
more than 100 organizations with a total energy consumption exceeding
10 terawatt hours.
The U.S. state of New York is also flush with hydropower, as earlier
this summer state regulators approved a new electricity rate scheme for
crypto miners that will allow them to negotiate contracts. The Massena
municipal utility will consider contracts on a case-by-case basis, which
will protect other utility customers from increased rates.
Residential consumers in Massena pay an energy charge of about $0.039
per kilowatt hour, where the national average residential rate is $0.13
per kilowatt hour. This made the state a destination for crypto miners,
who use powerful specialized computers for the energy-intensive
activity.
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, Hydro-Québec seeks to allocate up to 500 megawatts,
in addition to 120 megawatts of already existing initiatives. The
power supplier purportedly received requests to purchase power from
more than 100 organizations with a total energy consumption exceeding
10 terawatt hours.
The U.S. state of New York is also flush with hydropower, as earlier
this summer state regulators approved a new electricity rate scheme for
crypto miners that will allow them to negotiate contracts. The Massena
municipal utility will consider contracts on a case-by-case basis, which
will protect other utility customers from increased rates.
Residential consumers in Massena pay an energy charge of about $0.039
per kilowatt hour, where the national average residential rate is $0.13
per kilowatt hour. This made the state a destination for crypto miners,
who use powerful specialized computers for the energy-intensive
activity.
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