DMG Announces New Crypto Mining Operation to Become Among the Largest in NA
As per recent announcement, DMG Blockchain Solutions is planning to launch a brand new power transformer and substation to enhance its mining operations. The company is based on blockchain and cryptocurrencies and continuously provides solutions in regards to monetizing the current blockchain environment.
The company released information regarding the new project. The transformer will hold 85MW and the substation is meant to aid in the growth of their core mining facility located in Canada. As of now, the mining facilities provide Mining as a Service for its customers and local operations. The company also explains that the newest model allows them to accelerate mining operations.
The newly planned substation will link up with the power grid and plans to fully launch later this year. DMG also states that the new model with boost efficiency and holding ability twenty-fold and is set to become one of the largest cryptocurrency mining operations in North America
Chief Operations Officer Sheldon Bennett of DMG explained how several necessities were required for an operation of this size, explaining that networking with officials and additional resources were required to take crypto mining to an industrial level. He added that the company stood over others in terms of connections, funding, and expertise.
The company’s VC, Steven Eliscu, praised the company’s state of the art equipment and the incredible cut-down on costs of power as a promising outlook on the company’s future. The company also prioritizes other endeavors as part of the platform to provide a complete recorded history of its controlled products and is also involved in KYC and AML investigations.
Several cryptocurrency-involved voices have raised concerns regarding the substantial electric consumption used by mining facilities for their operations. Iceland has even seen a massive influx of digital miners launching their own operations within the country and the demand for electricity and power soared to a point where distribution companies could barely supply the massive demand. Quebec’s energy provider was also granted approval to add more charges for companies and miners looking to purchase power. The NYPSC also passed new specialized costs for the Massena Electric Department and digital miners involved and these new guidelines have been placed as a means of offering customers protection. As a solution to the overcharging or increase power rates, several companies have launched their own facilities, specifically designed to provide the power needed by miners.
On the other hand, a few people believe that the power-consumption displayed by various companies in Bitcoin mining is yet to provide enough information. Jonathan Koomey also stated that it is increasingly difficult to monitor and report due to custom-made machines that minors utilize for their operations.