Bitcoin Miners Flock to Canadian Provinces with Low Cost Energy

Bitcoin Miners Flock to Canadian Provinces with Low Cost Energy



Bitcoin Miners Flock to Canadian Provinces with Low Cost Energy

An article in Bitcoin Magazine is describing how several provincial governments in Canada are making attractive offers to Bitcoin miners, plying them with cheaper electricity thanks to the country’s cool climate and its abundance of hydroelectricity in return for economic gains.

Across Alberta, British Columbia, Labrador, Manitoba and Quebec, Bitcoin miners are answering the call. According to a National Post story, the government in Labrador is now making way for even more incentives as a response to what it is calling “outstanding requests for service” from Bitcoin and others.

It isn’t always good news, however, as Quebec was surprised by the deluge of miners responding to their earlier beckoning, with even Chinese companies considering to relocate there, willing to pay standard business rates for electricity. that province was forced to rescind some of its earlier advantages. That move did not come without controversy as well.

Labrador may feel it has nothing to lose, however.

Formerly a resource rich province, like much of north Canada, its forests and fisheries have been depleted and is too far away from major markets to thrive economically. What it does have still is two huge hydropower dams — Churchill Falls and Muskrat Falls.

So far so good, and there has already been a recognized increase in demand from miners, according to an anonymous source who spoke to The Telegram:

“Data businesses are expressing an interest and willingness to ‘take what’s available,’ and are requesting new transmission infrastructure to make more power available to them in Labrador, locating wherever the feed of power is possible. They just want low power rates.”

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Bitcoin Miners Flock to Canadian Provinces with Low Cost Energy appeared first on BitcoinNews.com.





Source link