The blockchain company Bitfury has announced the launch of a new cryptocurrency mining data center in Ontario, Canada. The new cryptocurrency mining center adds to the list of existing Canadian sites currently operating in Drumheller, Alberta and Medicine Hat.
Bitfury has partnered with Hut 8 Mining, a mining bitcoin (BTC) mining company, in Toronto, to establish mining operations in North America. A new 16 MW cryptocurrency mining rig is expected to be operational in Ontario by the end of this month.
Bitfury mining complex in Medicine Hat. Source: Hut 8
According to the announcement, Bitfury plans to add 12 megawatts of capacity in the coming months, and bring the total capacity of the mining plant to 28 megawatts by the end of May. However, the company confirmed that the plant is likely to be upgraded to operate at 200 megawatts, more than seven times its current capacity.
The site is located in Sarnia and is equipped with Bitfury ASIC mining chips, as well as other hardware and software owned by Bitfury. All Canadian Bitfury cryptocurrency mining companies rely on Canada’s cold climate to operate sustainably and efficiently.
Referring to the start of the work, Oleg Plenkov, head of data center development and operation at Bitfury, said:
“North America continues to represent a strategic and attractive market for Bitfury and digital asset mining in general, and we are excited to deepen our footprint here and around the world.”
Back in October, Bitfury co-founder and CEO Valery Vavilov told Cointelegraph about his plans to consider a listed offering to boost the company’s global growth:
“As Bitfury and its group of companies continue their global expansion into the digital assets space, Bitfury will consider an IPO as part of its broader expansion and growth plans.”
Related: The Canadian Parliament Introduces Bills to Encourage Growth in the Crypto Sector
Earlier this month, Michelle Remple Garner, a member of the House of Commons of Canada, introduced a bill that recommends a framework to stimulate cryptocurrency growth.
“The framework should, among other things, aim to lower barriers to entry into the cryptoactive sector, while at the same time protecting those working in the sector and reducing the administrative burden,” Garner said in the proposal.