Despite the current bear market, there are still regular encouraging signs coming out of the blockchain and cryptocurrency space.
People are still optimistic about the future and believe that the current bear market is just a temporary blip. DMG Blockchain Solutions has been building a large bitcoin mining farm in British Columbia, Canada for some time now. They have just announced that this is now operating.
When it gets fully up and running, the operational capacity for this farm will be 85 megawatts. For now, they will only be using 60 megawatts in the facility which takes up more than 27,000 square feet. The power is going to be sourced through hydroelectricity. They have built their own power substation and they also have built roads around and leading to their new facility.
There have been other mining farms that have come under fire for the amount of power they use. However, this will be not the case for this farm.
Through a DMG Blockchain Solutions press release, they said: “The power that DMG is bringing to its new facility is enough to power a city of 50,000 homes, but is independent of the local community grid”.
There were a few delays as part of this project, as they had originally hoped to be up and running in September.
Canada as a whole has been benefiting from the location of these bitcoin farms. They have a lot of cheap hydropower available for these farms and the lower temperature isn’t the region also help to lower cooling costs for these farms
There have been a lot of mining operations leaving the likes of China since the start of the year due to an anticipated regulatory crackdown on the sector. They are heading to the likes of Canada who are reaping the rewards, particularly in the smaller communities where it helps to create jobs and stimulate the local economy.