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Bitfury’s new 28MW crypto mining plant will be built in Canada

By the end of this month, the new crypto mining plant in Sarnia, Ontario, is anticipated to be operational at 16 megawatts, with plans to expand up to 28 megawatts by May.

Bitfury, a blockchain business, has opened a new crypto-mining data centre in Ontario, Canada. The new crypto mining hub joins the existing mining operations in Drumheller, Alberta, and Medicine Hat, Alberta.

Bitfury teamed with Hut 8 Mining, a Bitcoin (BTC) mining firm registered on the Toronto Stock Exchange, to start up operations across North America. By the end of this month, the new crypto mining plant in Ontario should be up and running at 16 megawatts (MW).

Bitfury expects to add 12MW of capacity in the next months, bringing the overall capacity of the mining operation to 28MW by the end of May, according to the release. The facility, however, may be modified to operate at 200MW, more than seven times its current capacity, according to the business.

The installation, which is located near Sarnia, is outfitted with Bitfury’s own ASIC mining chips as well as other proprietary hardware and software. Bitfury’s Canadian crypto mining facilities rely largely on Canada’s chilly environment for long-term viability and efficiency.

Bitfury’s Head of Data Center Development and Operation, Oleg Blinkov, commented on the start of operations:

“North America remains an exciting, strategic market for Bitfury and digital asset mining in general, and we are looking forward to expanding our presence here and around the world.”

 

Bitfury co-founder and CEO Valery Vavilov told in October that the firm was exploring an initial public offering to accelerate its global expansion:

“Bitfury will contemplate an IPO as part of its broader expansion and growth goals as Bitfury and its portfolio of firms continue their global expansion in the digital assets industry.”

Michelle Rempel Garner, a member of Canada’s House of Commons, proposed a bill earlier this month advocating a framework to support crypto growth.

“Among other things, the framework must focus on lowering obstacles to entry into the cryptoasset industry while protecting people working in the sector and eliminating administrative cost,” Garner wrote in his proposal.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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