DMG Blockchain Expands Power at Crypto-mining Facility

DMG Blockchain Solutions (TSXV:DMGI)’s cryptocurrency mining facility is about to get a power boost, the company announced on Thursday (July 26). 

The company in its press release said that installation of 85-megawatts of capacity transformer and electricity has begun at its flagship cryptocurrency mining location located in Canada.

DMG said the substation that will be connected to the utility power grid and fully accredited for operation by September, which will give the facility a total of 60 megawatts readily available to power mining rigs.

“Building and managing a cryptomining operation at an industrial scale requires a world-class supply chain as well as direct access to local government and electricity providers,” Sheldon Bennett, COO of DMB Blockchain said in the release.

The release says that the addition of the 85-megawatt substation will boost DMG’s hosting capabilities by more than 20 times.  Once it’s finished, it is estimated the facility will be one of the largest in North America.

DMG Blockchain provides mining-as-as-service (Maas) management of bitcoin mining at a scale for third parties around the world. By August, the company expects to have bitcoin and litcoin hosting ready. The company has two primary areas of focus in the blockchain industry: mining public blockchains and applying “permissioned” blockchain technology in order to address fraudulent activity that often occurs through supply chains.

Following Thursday’s announcement, shares of DMG Blockchain dipped 4.9r percent on the Canadian Securities Exchange to trade at C$0.38 as of 3:40 p.m. EST. That being said, the company currently has a a “Buy” rating on TradingView with 14 verticals in its favor, nine as “Neutral” and three ranking the company as a “Sell.”

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.