Why Canada Looks like the Next Bitcoin-Mining Haven
Some of the world’s biggest cryptocurrency-mining operations are eyeing a move to Canada, tempted by cheap electricity and a cool climate.
The news: According to CoinDesk, a campaign by electrical utility Hydro-Quebec to entice companies into building data centers in the province ended up tempting numerous cryptocurrency-mining operations looking to move from other countries. Reuters also reports that Bitmain, one of China’s largest Bitcoin-mining firms, is looking at sites in Quebec and Manitoba.
The backstory: Around two-thirds of the world’s Bitcoin-mining capacity is located in China. Some operations are now plotting moves to other countries, amid what could be a broad crackdown on Bitcoin mining.
Why Canada? Mining rigs generate lots of heat, making colder environments ideal. Besides that, Hydro-Quebec offers some of the cheapest electricity in North America, and Canada’s overall political stability doesn’t hurt, either.