The fintech firm Mogo Finance Technology believes that cryptocurrencies are the future and the company’s latest venture will enter the world of bitcoin mining. Mogo Blockchain has created an alliance with the Vancouver-based company DMG, as the two firms have plans on opening a new mining operation in British Columbia. The facility will focus on bitcoin mining, hosting (mining as a service (MaaS), and blockchain platform development. Mogo says the firm will begin by leasing 1,000 bitcoin mining rigs and expects the facility to be fully operational by the end of this quarter.
“We’re excited to work with DMG given their extensive mining experience and attractive mining as a service model,” explains Greg Feller, CEO of Mogo Blockchain. “We believe that gaining exposure to mining cryptocurrency such as bitcoin is an important part of building our competency around blockchain.”
Mining rigs will be maintained by DMG using the firm’s MaaS model. Mogo explains the new facility is just the beginning as the Mogo Crypto launch is expected to allow Canadians to easily buy and sell bitcoin through their Mogo account. DMG explains that its alliance with a well-established fintech company such as Mogo will create more cryptocurrency accessibility for Canadian citizens.
“Mogo is well positioned to make cryptocurrencies accessible to more Canadians,” Dan Reitzik, CEO of DMG emphasizes. Additionally, Reitzik spoke with news.Bitcoin.com about how the firm initiated its mining operations located in Canada.
“In early 2016, DMG decided to explore industrial scale bitcoin mining in Canada — As industrial-scale crypto-mining is a very complicated endeavor, DMG brought on Sheldon Bennett as a partner to provide his expertise,” Reitzik explains. “Previously, Sheldon had been in charge of developing industrial-scale mining for Bitfury, the world’s second-largest bitcoin mining company.”
Reitzik adds, “As a diversified blockchain and crypto-mining company, DMG then added a blockchain software team, currently working on various supply chain platforms for clients including Element Fleet Management, and a data analytics and forensics division, now working with accounting clients, helping them understand the financial aspects of this new crypto-environment.”
