Backbone hosting Solutions Inc. which is a cryptocurrency based organization availed the plans to make investments amounting to around C$250 million to the major computing centers in Sherbrooke, Canada. This amount is equivalent to $193 Million. This is an investment which might revolutionalize the world of cryptocurrencies and investments in Canada. Additionally, this also means that more job opportunities will be provided to the Sherbrooke residents.
These facilities to be provided are mean to allow the organization called Bitfarms to quadruple the computing power. Additionally, they will improve the workforce in Quebec from 80 employees to 330 employees by this year’s end. This information is according to Backbone statement on Thursday. The organization works in conjunction with Blockchain Mining Ltd to ensure that each and everything has been set according to the required standards and also employees are deployed according to the organizational requirements and also the employee expertise.
Bitfarms which is Quebec based announced that they entered into a six hydropower purchasing agreements with the generator hydro-Sherbrooke. This totals to around 98 megawatts. By the issue of comparison, Hut 8 Mining Corp, which is a miner has been backed by a top billionaire investor Mike Novogratz has been working on the development of a data center based in Alberta. Therefore, this data center is meant to have 60 MW of capacity by mid-year. Additionally, Hut 8 announced that it will secure around 220 MW capacity across Canada by the end of 2018.
Bitfarms has also been operating various centers in the daint –Hyacinthe, Farnham, Cowansville, Norte-Dame-de-Stanbridge and also the Magog. This is according to the organization. Therefore, the funds will trigger more service and also the efficiency of services in the cryptocurrency world.