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DMG Blockchain Solutions Inc., a Canadian crypto and blockchain company, has announced the start of operations of its new powerful cryptocurrency mining hub.

According to DMG, the facility will start operating with a total power of 60 megawatts, but it will soon expand to its full 85-megawatt capacity.

DMG announced their intentions to build the facility in July, stating that electricity companies and local government will support it. The new station is said to increase the capability of DMG to host networks by more than 25 times.

The new facility spreads across 27,000 square foot of land. The area in which the mining-as-a-service is estimated at 34 acres, making it one of the most significant crypto facilities in North America.

The enormous mining rig is powered exclusively with hydroelectric power, which is a great portion of Canada's energy mix, so none of the residents will suffer from the power consumed by it.

DMG's new mining facility will use as much energy as 50,000 households, so independence from the local power supply is crucial for the project's success. The CEO of the Local electrical solutions company Boundary Electric's -Dave Evdokimoff, stated that or the last 71 years during which the company is in operation in Canada, there has never been such an enormous demand for electrical energy.

Canada, due to its plentiful of hydroelectric energy at low costs, has become one of the most welcoming places for cryptocurrency mining services. Based on the new power requirements from crypto mining companies, one of the largest electric energy providers – Hydro-Québec put into discussion new rules about blockchain companies. Some of the proposed regulations state that blockchain companies should bid for electricity and report expected job openings and investments per megawatt of electrical power.

Hydro-Québec has revealed intentions to release another 500 megawatts of power in addition to the already allocated 120 megawatts for existing blockchain companies. The global requested amount to Hydro-Québec is expected to surpass the ten terawatt hours mark, making Canada a global mining hub.

The state of New York also has plenty of hydroelectric energy. State regulators approved a new scheme of electricity rates, tailored to the needs of crypto mining companies. Massena municipality will make contracts with crypto miners based on their specific electricity needs, protecting local residents from a price increase.

Massena has become an attractive place for massive mining companies, with an electricity rate of $0.04 per kilowatt of electrical energy. US National rate is at $0.13/kw, making Massena a preferred place for utilizing cryptocurrency mining facilities and blockchain companies.

 

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