Category Archives: DMG Blockchain Solutions

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One of the Largest Cryptocurrency Mines in North America Begins Hashing

After months of planning, DMG Blockchain Solutions has begun mining for cryptocurrency at one of the largest cryptocurrency mines in North America. The mine is in a 27,000 square foot building in British Colombia, Canada, and has begun operations with 60 MW of power, with plans to ramp up to 85 MW – all clean hydroelectric energy that is off-grid. This is enough electricity to power 50,000 homes.

Assuming this new cryptocurrency mine uses the most efficient Bitcoin mining chips – the 7 nm chips that were developed by Bitmain which operate at 0.042 W/GH – the mine will operate at 1.4 Exahash/s at 60 MW, and 2 Exahash/s at 85 MW. With the current Bitcoin network hash rate averaging 50 Exahash/s, this represents 2.8-4% of the total hash rate. Doing a rough calculation, this new cryptocurrency mine would produce 50-70 Bitcoins per day, worth USD 320,000-440,000 per day. This may be an overestimate since the mining facility might not be using 7 nm chip technology, and some of the electricity may be used for other infrastructure associated with the mining farm.

One interesting thing to note is the creator of Bitcoin, Satoshi Nakamoto, was able to mine 50 Bitcoins every 10 minutes with a simple personal computer that barely used electricity. Ten years later today, it takes a 34-acre mining farm using 60 MW of electricity to produce 50 Bitcoins in a day.

It has taken a year to build this cryptocurrency mining supersite. A road and a new power substation had to be produced for the site, since the mining operation uses its own power grid fed by hydroelectric power, and does not interact with the normal consumer grid of British Colombia.

The CEO of DMG Blockchain Solutions, Dan Reitzik, said, “DMG now proudly owns one of the largest, most cost-efficient, bitcoin mining facilities in North America – and we’re doing it in a responsible way with the local community. It was an audacious undertaking, but DMG’s executive team has been in the mining space for years, and we have the know-how and connections with the utilities and government agencies to pull it off.”

On a final note, the creation of cryptocurrency mining supersites like this new one in British Colombia may be forcing individual miners out of the Bitcoin mining game permanently.

 

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Canada Looks to Simplify Cross Border Trade With DLT

The Canada Border Services Agency (CBSA) is turning to DLT in order to streamline its services and raise efficiency.

Currently, the CBSA processes as many as 14,000 trucks, 127,400 courier shipments, 58,600 commercial releases, and 240,000 mail items every day. In an attempt to improve these services the Border Service has linked up with a blockchain-based digital shipping firm, TradeLens.

TradeLens was created by IBM and the world’s largest container shipping company Maersk. As a blockchain-enabled shipping solution, the company lists amongst its aims as promoting secure global trade, bringing together international supply chains and supporting transparency.

Clearly, the Canadian government sees these attributes as essential in moving forward due to the size its operations and the demands on its workforce. CBSA president John Ossowski commented that services need the blockchain in order to make its services more efficient, explaining:

“This development is an example of the Government of Canada using innovative technology to easily and securely facilitate trade and engage in global trading ecosystems in a modern, productive manner.”

The Border Service is a highly stressed intensive environment, with business reliant on documents reaching their destinations quickly. Ossowski sees data providence as essential, a factor that DLT is guaranteed to bring to current tracking systems. He added:

“TradeLens could create a singular, trusted digital supply chain for all shipments entering Canada…. The end result may be a faster and more reliable national supply chain, which could positively impact Canada’s economic output”.

Canada has been making news elsewhere this week as it becomes only the second nation after Uruguay to legalize cannabis. Supply chain management is sure to become a major factor under the new legislation.

One company, DMG Blockchain Solutions is currently negotiating with cannabis licensed producers, quality assurance labs, retail distributors, and government regulators, to develop a cannabis supply chain solution. DMG describes itself as a diversified blockchain and cryptocurrency company that works on end-to-end solutions to monetize blockchain’s ecosystem.

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Canada Legalizes Cannabis to Create a $23 Billion Industry, DLT at the Forefront

As Canada becomes the second nation after Uruguay to legalize cannabis, one company is already underway with a blockchain-based solution for supply chain management.

Despite the announcement yesterday, inviting Newfoundlanders to be the first in the country to be able to make an officially sanctioned purchase, the legislation is hardly a free for all. Users will need to be 18 or 19 to purchase, and anyone caught selling to minors will incur a strong penalty with a possible jail sentence.

Plants grown at home will be limited and only 30 grams will be allowed for personal possession in public. Also, strict driving legislation will allow police to track and penalize drug-impaired drivers through roadside saliva testing for over the limit THC content.

Supply chain management is sure to become a major factor under Canada’s new legislation. DMG Blockchain Solutions is currently negotiating with cannabis licensed producers, quality assurance labs, retail distributors, and government regulators, to develop a cannabis supply chain solution. DMG describes itself as a diversified blockchain and cryptocurrency company that works on end-to-end solutions to monetize blockchain’s ecosystem.

The company currently has new 85-megawatt capacity transfer and electrical substation under construction, making their crypto mining installation one of the largest in North America. The company’s CEO Dan Reitzik talking about DMG’s latest venture, sees blockchain and the cannabis supply chain as a perfect match in providing a backdrop for safe usage of the legal drug, suggesting:

“Canada is being positioned to be the global supplier of cannabis, and our blockchain platform can help enable this by way of product traceability for rapid recalls, ensuring a legal source of the product, enhancing product safety, as well as facilitating and automating legal and tax compliance.”

Cannabis’s impact on the Canadian economy stands at potentially $23 billion, including an estimated $6 billion in revenue from 13 million recreational users. Ensuring the safety of the product with such widespread usage is vital. Systems such as DMG’s will at least be able to ensure that advertised products originate from listed official producers, although there are sure to be other problems associated with illegal circulation of the drug. The company’s official announcement listed some of the features of the proposed solution, such as:

“Supply chain automation on blockchain, applying artificial intelligence, IoT, machine learning and tight integration across the entire supply chain and the development of interfaces between the blockchain platform and legacy systems.”

Other aspects of the new technology as it applies to the project also includes the “Integration of existing ERP systems with the blockchain platform, licensed producers, licensed distributors, retailers, shippers, as well as a reporting and auditing system.”

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