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2020-01-10

Canadian investition in crypto mining

Canadian engineering firm DMG Blockchain Solutions has installed 1000 new Bitcoin (BTC) mining machines at its Christina Lake mining site in British Columbia. 

In a press release on January 6, DMG purchased new mining machinery from the Chinese mining giant Bitmain with a total power consumption of approximately 1.5 megawatts. 

Originally announced in December last year, the newly installed mining equipment will serve an American customer whose name was not disclosed in the announcement. DMG operates as an industrial-scale crypto mine hosting company, enabling customers to extract crypto using equipment stationed at its facilities in northwest Canada. 

In October last year, DMG and Bitmain entered into an exploratory agreement under which DMG managed the Bitmain plant in Texas and established nearly 15,000 new generation miners.

In November 2018. DMG launched a new cryptographic facility which is expected to start operating at 60 megawatts and can increase its capacity to 85 megawatts. With a surface area of 27,000 square feet, crypto mining covers 34 acres and is apparently one of the largest operations of its kind in North America.

Since the facility uses hydroelectric power - a surplus of which is found in Canada - this operation is said to have no impact on the energy needs of local residents.