Bitfury Expands Mining Facilities in Canada with New Site in Ontario

A new crypto mining facility is expected to be established in Ontario, Canada by blockchain company Bitfury, which is expected to begin operations by the end of the month. The 16-megawatt (MW) facility will be the company’s latest addition to its other current Canadian sites located in Drumheller, Alberta, and Medicine Hat.

Bitfury is also eyeing to add 12MW of capacity to the new facility, ramping it up to become a 28MW site by May. The company doesn’t exactly plan on stopping there, with ambitions of upgrading it to operate at 200MW. The company’s mining facility is outfitted with proprietary hardware and software including Bitfury’s in-house ASIC mining chips.

Canada is a particularly significant location for mining crypto facilities granted its cold climate which allows for sustainable and efficient operations. “North America continues to represent an attractive, strategic market for Bitfury and digital asset mining at large, and we are excited to deepen our presence here and around the world,” explained the head of data center development and operation at Bitfury Oleg Blinkov.

Earlier in October, co-founder and CEO Valery Vavilov noted that in order to accelerate the company’s global growth, there had been plans to begin an initial public offering (IPO). “As Bitfury and its portfolio of companies continue their global expansion in the digital assets space, Bitfury will be considering an IPO as part of its broader expansion and growth plans.”

Additionally, House of Commons member Michelle Rempel Garner introduced a bill earlier in February with the primary goal of bolstering the growth of the crypto industry in Canada. “Canada should be attracting billions of dollars in investment in the fast growing cryptoasset industry. Today I introduced a bill, the first of its kind in Canada, to make sure this become a reality,” Garner tweeted on February 9.

“The framework must, among other things, focus on lowering barriers to entry into the crypto asset sector while protecting those working in the sector and minimizing the administrative burden,” Garner elaborated in her proposal.

Source: CoinTelegraph