Two decades-old Canadian companies have teamed up to launch a massive commercial digital currency mining venture in Calgary, Alberta, Coinsquare reports.
Calgary-based exploration services firm Divestco, and Winnipeg-based oil and gas company Bird River Resources have also announced plans to create low-cost electricity by converting natural gas.
“Electricity is one of the largest expenses in running a commercial cryptocurrency mining operation,” said Ty Pfeifer, Director of Bird River Resources.
“Securing low-cost electricity through our joint cogeneration facility provides us with an impressive competitive advantage,” he added.
Pfeifer said Divestco’s existing data center infrastructure will be utilized to bring the venture to the forefront of Canada’s cryptocurrency mining industry.
“Building a similar data center would cost in excess of $5 million,” he said.
Divestco will be operating the data center and digital currency mining rigs, while Bird River Resources will be providing the capital outlay for the rigs, in a center able to hold up to 3,000 digital currency mining rigs.
By Siranush Ghazanchyan