DGM Block Solutions announced that it has commenced use of an 85MW substation built in Western Canada, consuming up to 60MW. The company will use the substation to power its cryptocurrency mining farm, one of the largest in Canada by electricity output.
Part of DMG's new mine begins operations
The Vancouver-based company has already started operations at its 27,000-square-foot mine in British Columbia. The mine is estimated to use enough electricity to power 50,000 homes.
This is Canada's second-largest mine and uses clean energy from hydroelectricity, with no impact on the local community's electricity supply.
“DMG is proud to have a large-scale and efficient Bitcoin mining farm in North America,†said DMG CEO Dan Reitzik. “It’s a bold plan, but the DMG executive team has been in the cryptocurrency industry for years and we know how to do it. And there are relationships in public utilities and government agencies.â€
This substation will provide low-cost energy to DMG as well as third-party users through its mining services. The construction of the DMG mine took more than a year. DMG also said in a statement that Simon Padgett has resigned as a director of the company.
Mines run by Hut8 and Bitfury remain the largest in Canada
DMG's new mine, once fully operational, will be the largest in Canada. However, the largest mine is still the Hut8 and Bitfury mine in Medicine Hat, Alberta, which consumes 63 megawatts. Unlike DMG's mines, the mines opened in Medicine Hat use the local grid and use natural gas to generate electricity.
"What I do is generate electricity and sell it to industry users," said Medicine Hat Mayor Ted Clugston. He also described the cryptocurrency mining industry as the process of turning gas into electricity, and electricity into bitcoin.
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