Canadian Blockchain Giant, DMG Blockchain solution recently energized its new crypto mining facility in the country. DMG solutions announced that the full capacity of the new mining facility is 85 megawatt and will in no way affect the power distribution of the local community.
One Of The Biggest Operations In North America
DMG solutions revealed that there is a robust relationship between the company and the local government authority. The firm continued by affirming that the mining operation will be implemented on an industrial scale with direct support from the electricity providers and local government.
The new station covers an area of 34 acres of land and is arguably one of the biggest operations on the North American continent. The station will also increase the hosting capabilities of DMG solutions by more than 20 times.
DMG equally assures residence of the host community that the new 85 megawatts facility, which requires the same amount of electricity to cover 50,000 households will not affect the power distribution in the area, as their source of power is quite independent of that of the residents.
The facility will make use of hydroelectric power supply, which is quite surplus in Canada and has made the country the bride of most crypto miners for this singular reason. Voicing his concern on the amount of energy being demanded by the crypto space, Dave Evdokimoff, the Chief Executive Officer of Boundary electrics said that, ”in Boundary Electrics 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.”
Change in Policy
A new study released in January by Elite fixtures revealed that Canada is the 26th least expensive country to mine Bitcoin. Elite fixtures used information provided by local government and companies, as well as the International Energy Agency.
The research revealed that it costs an average of $3,965 to mine one Bitcoin, this is based on the Ontario energy costs-slightly higher than the Canadian average. To further regulate the proceedings and limit the proliferation of miners in the country, major Canadian electricity provider Hydro-Quebec in June proposed new rules.
Under the new rule, Blockchain companies would be required to bid for electricity and quantify the jobs and investments they expect to generate per megawatts. The practice was also initiated in New York, as state regulators approved a new electricity rate scheme for crypto miners that will allow them to negotiate contracts.