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Canada Continues To Attract Cryptocurrency Mining Companies As DMG Blockchain Opens A Plant

Samantha Mitchell

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Canada Continues To Attract Cryptocurrency Mining Companies As DMG Blockchain Opens A Plant

Recently, Canada has experienced a significant increase in the number of Cryptocurrency mining companies setting up in the country. DMG Blockchain Solutions has become the latest company to open a mining farm in the vast country. The weather and cheap electricity are among the main factors that are encouraging more Crypto miners to move to the North America country.

DMG Blockchain Solutions Mining Facility Becomes Operational

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DMG Blockchain Solutions has announced that its new Cryptocurrency mining facility in Canada is complete. The 27,000 square foot facility is located in British Columbia, the westernmost province in the country. The company will use power from its 85 megawatts hydroelectricity generation plant. The clean hydroelectric energy can be used in about 50,000 homes.

The construction of the new mining facility has taken almost a year. This is because the process involved building the substation and the roads to the facility. The decision by the company to produce its own electricity will go a long way in reducing conflicts with the locals.

Project To Benefit The Community

DMG’s new mining facility in Canada is among the largest in North America. Although the company’s hydroelectric project has the capacity of 85 MW, it only needs 60 MW to fuel Cryptocurrency mining. The community will therefore not worry about increased electricity consumption in the area or even environmental degradation.

Dan Reitzik, the CEO of DMG Blockchain Solutions, said their new mining farm in Canada is among the most cost-efficient ones on the region. Furthermore, the company has been sensitive about the surrounding community during the entire construction period. The running of the facility will also not have any adverse effects on the community.

He added that the process of constructing the facility was challenging. Nevertheless, their experience in the industry was enough to enable them to overcome these challenges. Given that electricity cost is one of the most important considerations when mining Cryptocurrencies, DMG Blockchain Solutions are happy to generate their own electricity thus reducing the mining costs.

Cryptocurrency Mining In Canada

Many Cryptocurrency mining companies have been moving to Canada recently. Some of the firms that have already moved to the country or planning to do so in the coming few months include BTC Top, Bitmain, and ZQMiner. These companies have discovered the enormous benefits they will get by moving to the region, putting the country on the Cryptocurrency mining map.

One of the main factors that are enhancing Cryptocurrency mining in Canada is cheap electricity. The country has enormous natural resources that enable it to produce electricity at a low cost. Hydroelectricity, natural gas, and wind are among some of the sources of electricity in the country. Crypto miners can maximize their profits by moving to the country.

Another factor that has boosted the growth of Cryptocurrency mining in Canada is the weather. Given that Crypto mining machines overheat, the miners have no alternative but to install costly cooling systems. In Canada, the average temperatures in some cold regions are low thereby reducing the cooling expenses on the part of miners.

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