Canadian Mining Firm Sets up 85 MW Substation to Help Expansion
During the last couple of months, the cryptocurrency market has been dealing with heated debates concerning the true environmental impact of mining coins. While discussions have not ended, a Canadian mining firm has reportedly begun installing an 85-megawatt substation, meant to power a rapid expansion of the mining facility.
According to reports, the transformer and the substation will both be connected to the firm’s utility power grid, and hence increase the amount of available electricity for mining operations. It is expected that an important part of the newly-procured electricity will be used for Mining-as-a-Service (Maas) operations.
Maas has become more popular lately, as numerous people are paying companies to set up and maintain mining rigs on their behalf. It represents a service designed for those who wish to get involved in mining crypto, yet do not want to go through the hurdles of owning and maintaining hardware at home.
In a recent press statement, the CEO of the Canadian mining firm mentioned: “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.”
Following the deployment of the new equipment, the firm will become one of the biggest in North America. It is worth pointing out, however, that a few weeks ago, Coinmint, a cloud mining provider, announced plans to create a $700 million mining facility, with a 435-megawatt capacity. Once the project is concluded, the facility will likely be the world’s biggest mining centre.
The news is positive for the cryptocurrency market, granted that bigger and more secure facilities are being built. However, mining companies should actively pursue renewable energy methods, and keep a close watch on the environmental impact of their actions.