Cryptocurrency mining requires a huge amount of electricity, which is why the virtual currency mining companies have to constantly face interrogation and scrutiny from both the utility departments and government bodies. This is one of the major causes of worry for serious cryptocurrency mining platforms.
DMG to create electricity infrastructure
In order to avoid such issues, Canadian mining venture DMG blockchain has decided to create its own electricity substation and protect itself from backlash from government officials. A report says that the Vancouver-based company is planning to come up with an elaborate electricity infrastructure that will support the myriad requirements of mining facilities.
In general, mining ventures mostly focus on only one cryptocurrency. But in the case of DMG, things are a bit different. The company has a portfolio that supports multiple mining interests. DMG mining works in two key areas that include developing software and applications for the privately-owned permitted systems based on blockchain and mining public blockchains.
The fully-functioning electricity substation is located near the Southern British Columbia town of Castlegar. The project will receive electricity through hydro-power. According to Steven Eliscu who heads the corporate development for DMG, the overall expenditure expected for building the electricity substation and for building an access road for dragging the equipment to the location will be millions of dollars.
Eliscu stated, “At the end of August we’ll go through a commissioning process where the utility will test everything as a completed substation and make sure that the town doesn’t blow up when we flip the switch.”
DMG blockchain is all about speed
DMG blockchain is building its own electricity substation with the aim of increasing its speed. In general, a mining venture has to fulfill multiple processes, contracts, and approvals for getting access to a substation and it takes almost a year or even more. However, DMG is trying to complete the substation within the duration of just around six months. According to Eliscu, the company is not trying to do this to beat on the utilities. It is simply because the operation of a blockchain company is much different from the rest.
More often, these companies are not used to working at the speed of Bitcoin (BTC-USD).