16 Jan Bitmain Considers Expanding Bitcoin Mining Into Quebec, Canada
Bitmain Considers Expanding Bitcoin Mining Into Quebec, Canada
According to a report by Reuters, Chinese mining giant Bitmain Technologies is looking to expand its bitcoin mining operations into Quebec, Canada as the company seeks alternatives amid expectations of a possible crackdown by the Chinese government on anonymous trading of cryptocurrencies. China is currently home to approximately 70% of the bitcoin network’s computing power.
While no official decision has been made from Beijing, the government has already started shutting down mines. Back in September 2017, Chinese authorities banned initial coin offerings and ordered Beijing-based cryptocurrency exchanges to halt trading.
For this expansion, Bitmain is considering various potential sites in Quebec and is in talks with regional power authorities. In addition, the company has eyes on Switzerland and has registered a new branch in the nation’s “Crypto Valley”.
Quebec is seen as an ideal location for its cheap hydropower costs and colder temperature, which makes ASIC mining machines last longer. The province itself is also keen to attract data centers and bitcoin miners around the world.
Stephane Paquet, a vice president of Montreal International, which promotes foreign investment in the city of Montreal, has called Quebec a place for “green bitcoin.”
According to Hydro Quebec, the province has an energy surplus equivalent to 100 terawatt hours over 10 years. One terawatt hour powers 60,000 homes in Quebec in one year.
“Of the world’s top five largest blockchain players, we have at least three or four,” said David Vincent, director of business development at Hydro Quebec distribution. He expects some of the large companies to begin operations in Quebec this year and in early 2019.
The Reuters report also mentions the province of Manitoba as another attractive destination for cryptocurrency miners. Manitoba Hydro has received more than 100 inquiries from miners in the past three months about specific sites.
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