A new 85 MW capacity transfer and electrical substation are currently being constructed in Canada by DMG Blockchain Solutions Inc, making its crypto mining installation one of the largest in North America.
The substation, when complete, will come online in September and be connected to the power grid providing 60 MW for energizing mining rigs. The facility is said to be the company’s flagship Canadian crypto mining operation expanding its hosting capability more than 20 times.
Steven Eliscu, executive vice president for Corporate Development, said that such “leading-edge mining equipment and access to low-cost power” augers well for the company’s further development and gives him great optimism for DMG’s future.
As part of this optimism, the company is planning to branch out by building a platform which will ensure “complete provenance of controlled products” through the supply chain, also hoping to become “domain experts” in fields such as agriculture, energy, precious metals, financial services, and manufacturing, as illustrated on the company’s website.
The new facility will be used for in-house operations and for DMG clients engaged in Mining-as-a-Service (MaaS), using faster scaling than a pure mining model with the new installation under construction.
Also, in North America during a subcommittee for the House of Representatives Financial Services Committee on Wednesday, California Democrat Brad Sherman boldly declared his belief that all cryptocurrency mining and trades should be banned across the US. The views were clearly not those of the majority of the subcommittee hearing, however.
A current issue in parts of the US and Canada with the increase in mining is the fear of rising electricity rates in areas that were attractive to miners because of the low energy costs. Worries are that rates are being pushed up for local residents causing jurisdictions to increasingly need to deal with some of these community concerns.
Regulators in New York State, for example, have given approval to a new electricity rate scheme for cryptocurrency miners. In response to the permission given earlier by New York state to 36 municipal power authorities to charge higher rates to crypto miners, the Massena municipal utility has come up with its own plan. A new rate structure will allow crypto miners operating there to negotiate their own contracts to pay a “fair price”, thereby protecting other consumers from inflated rates being enforced because of crypto mining.
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