Canadian Bitcoin Mining Is Thriving Due To Cheap Energy Prices

Canadian Bitcoin mining businesses grow due to the friendly reputation and a perfect climate for bitcoin mining which has been of huge benefit to the country’s profits. According to the coming altcoin news, Canada is among the most attractive country for crypto-related businesses because of low energy costs.

The low energy costs are the perfect climate for crypto mining operations. The founder and chief strategy officer for Bitfarms Emiliano Grodzki stated for the local media about the efforts to bring more provinces on board to help them boost the benefits from the mining operations. This includes the recently inked agreement with Quebec which brings benefits for both sides.

Bitfarms has top priorities and thus partners with local communities in Canada. It signed an electricity agreement with the Sherbrooke city council. The president of the company Pierre-LucQuimper stated to the latest cryptocurrency news:

 “We have a long-term mentality. We want to be long-term partners.”

Quebec points out that purchasing electricity from a company Hydro-Quebec is also a plus for Canadian Bitcoin mining since when they start the operations, they buy enough of the electricity to cover the peak demand needs which often comes during the winter.

During the summer, the energy builds up and reaches a surplus. Sherbrooke’s municipal power utility has enforced municipalities to find other ways to make profits from the extra power. The downfall of the company is that it is possible they won’t be able to mine as much during the winter because the resident demand in Canada in those times is the greatest.

Bitfarms has been acquiring factories in Quebec that were abandoned by the manufacturing companies. For example, the company found a Tupperware plant in Cownsaville and an old carpet factory in Farnham. According to the latest cryptocurrency news, Bitfarms says its long-term goal is to expand the use of blockchain but it is also focusing on building its mining infrastructure.

The Quebec energy authority, Regie de L’energie asked the largest power provider to divide 300 megawatts of additional discounted energy for new bitcoin mining projects. Canadian bitcoin mining has been focused in Canada’s largest cities which is a huge step ahead since it was mainly focused in China. China’s hard stance on cryptocurrencies also influenced the profile rises in Canada.