Bitcoin Miners Lured In Quebec-Canada With Cheap Electricity

Bitcoin miners are now welcomed in the Canadian city Quebec after the city offered cheap electricity. Following the latest cryptocurrency news, the energy authority of the city, Regie de l’energie, asked the biggest power provider in the city to set aside about 300 megawatts which will be discounted energy for the mining projects.

Crypto mining has been heavily concentrated in China so far but Beijing is considering a ban on mining so bitcoin miners are looking a new way of earning some extra money and this is why they are moving to Canada. The Hydro-Quebec power provider reportedly set aside 368 megawatts of discounted energy for mining activities. With the new regulation, the largest power provider will add 300 more megawatts especially meant for the new projects.

New bitcoin miners will have to submit an application with their plans explained for and jobs offered in order to create new investments and to open new job positions in the region. The projects will also be expected to provide a heat recovery plan to offset the possible waste that comes out from the mining process. The Hydro-Quebec power provider is extremely confident in attracting new players and an official even pointed out:

 “We don’t think we will have any trouble attracting projects.’’

As reported in the altcoin news, the new initiative for attracting bitcoin miners comes right after China announced a possible ban on cryptocurrency mining. The National Development and Reform Commission of China recommended that crypto mining should be eliminated. If the recommendation is adopted, the miners will have to start looking for a job somewhere else.

Bitmain for example, the biggest employee for bitcoin miners, has been building its name in Canada for the past few years.
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The company spokesperson Nishant Sharma explained that the company is looking into Quebec with special interest.

The latest move by the Canadian city might come as a surprise to some bitcoin miners but in 2018 the city halted new mining applications for a while. The city also approved a price hike for the crypto miners which led to an increase in the energy rates. It is clear that the Canadian authorities are looking into the benefits of the mining industry in the region.