Vancouver-based DMG Blockchain Solutions Inc. recently announced that it had begun the installation of its 85-megawatt (MW) capacity substation, which will power the expansion of its crypto mining facility.
The new 85-megawatt capacity transformer and electric substation will be connected to the utility power grid when completed, and it will help expand its product offerings. DMG offers a range of products and services which includes Mining-as-a-Service, forensics, and blockchain analytics.
Mining-as-a-Service (Maas) has gained more popularity as companies are setting up mining rigs for clients who want to profit from mining without owning the hardware. A couple of firms such as Bitmain and Genesis Mining already offer Maas, but DMG expects to gain a more significant market share once its 85-megawatt substation is launched.
The company believes the new substation, when fully operational in September 2018, will “power the expansion of DMG’s flagship cryptocurrency mining facility.” The facility is also expected to become “one of the largest in North America,” and the new substation will boost the firm’s “hosting capability by more than 20 times.”
Sheldon Bennett, DMG’s COO, while commenting on the new development said:
“Building and managing a crypto mining operation at an industrial scale requires a world-class supply chain as well as direct access to local government and electricity providers. Our management team at DMG is unique in that we have the experience, the relationships, and the capital backing to do this successfully.”
DMG Blockchain Solutions Inc., is a diversified cryptocurrency and blockchain platform that is focused on “mining public blockchains” and using ” permissioned blockchain technology to address the fraud and friction that plagues the movement of value through supply chains.”
Previously known as the Digital Mint Group, the company started out offering bitcoin mining to clients through Mining-as-a-Service before branching into blockchain services such as “blockchain software development as well as forensics and data analytics services for law enforcement customers.”
Earlier last month, cloud mining provider Coinmint decided to launch a $700 million mining facility in Massena, New York. The 435-megawatt capacity when completed in 12 months is expected to be the “world’s largest bitcoin mining center.