Some miners are relocating to places where the availability of hydroelectric power and cooler climates offer rock-bottom electricity prices. Others are exploring green options like solar panels and turbines to power their mining machines. And here the DMG blockchain has created their own electricity infrastructure to power their crypto mining enterprise.
A Canada-based DMG blockchain Solution announced in a press release that its new flagship cryptocurrency mining facility is now operational. The facility is located near the Southern British Colombia town Castlegar.
With 60 megawatts available for powering mining rigs, the multi-sector cryptocurrency and blockchain firm is reportedly one of North America‘s largest mining rigs. The mining operation utilizes clean energy that provides low-cost electricity.
Mining and energy consumption
The CEO of Boundary Electric Dave Evdokimoff commented on the huge demand for energy in the cryptocurrency mining industry. He said:
“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. The opportunity to collaborate with DMG on projects has brought to the forefront their commitment to creative solutions facing the industry. DMG’s approach to the design process highlights a partnership strategy focusing on cost-effective solutions without compromising quality.”
Southern British Colombia houses several power stations and hydroelectric firms. For this reason, miners are scrambling to set up mining rigs there. As increased power usage and falling cryptocurrency prices cut into profit margins, miners are seeking alternatives.
Canada transforming into a crypto mining hub
Remarkably, Canada has arguably become one of the world’s crypto mining hubs thanks to its low energy costs. One of its provinces has an energy surplus equivalent to 100 Terawatt hours over a decade and offers some of the lowest electricity rates in North America, according to provincial power utility Hydro Quebec. A single terawatt hour powers 60,000 homes in Quebec for 12 months.