After months of planning, DMG Blockchain Solutions has begun mining for cryptocurrency at one of the largest cryptocurrency mines in North America. The mine is in a 27,000 square foot building in British Colombia, Canada, and has begun operations with 60 MW of power, with plans to ramp up to 85 MW – all clean hydroelectric energy that is off-grid. This is enough electricity to power 50,000 homes.
Assuming this new cryptocurrency mine uses the most efficient Bitcoin mining chips – the 7 nm chips that were developed by Bitmain which operate at 0.042 W/GH – the mine will operate at 1.4 Exahash/s at 60 MW, and 2 Exahash/s at 85 MW. With the current Bitcoin network hash rate averaging 50 Exahash/s, this represents 2.8-4% of the total hash rate. Doing a rough calculation, this new cryptocurrency mine would produce 50-70 Bitcoins per day, worth USD 320,000-440,000 per day. This may be an overestimate since the mining facility might not be using 7 nm chip technology, and some of the electricity may be used for other infrastructure associated with the mining farm.
One interesting thing to note is the creator of Bitcoin, Satoshi Nakamoto, was able to mine 50 Bitcoins every 10 minutes with a simple personal computer that barely used electricity. Ten years later today, it takes a 34-acre mining farm using 60 MW of electricity to produce 50 Bitcoins in a day.
It has taken a year to build this cryptocurrency mining supersite. A road and a new power substation had to be produced for the site, since the mining operation uses its own power grid fed by hydroelectric power, and does not interact with the normal consumer grid of British Colombia.
The CEO of DMG Blockchain Solutions, Dan Reitzik, said, “DMG now proudly owns one of the largest, most cost-efficient, bitcoin mining facilities in North America – and we’re doing it in a responsible way with the local community. It was an audacious undertaking, but DMG’s executive team has been in the mining space for years, and we have the know-how and connections with the utilities and government agencies to pull it off.”
On a final note, the creation of cryptocurrency mining supersites like this new one in British Colombia may be forcing individual miners out of the Bitcoin mining game permanently.
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