Hundreds Of Crypto Miners Are Moving To Quebec

realmsofcrypto (50)in #bitcoin • 7 years ago

In the search for ever cheaper electricity, miners of proof of work cryptocurrencies like bitcoin are in a constant search for more affordable power. This has led to a rush of miners moving into places like Iceland, who benefit from plethora of geothermal produced electricity, and more recently Quebec, Canada.

More than 100 crypto mining companies have approached Hydro-Quebec according to spokesman Marc-Antoine Pouliot. According to the company a few projects would be manageable, but hundreds are beginning to show up. This has led the utility company Hydro-Quebec to proposed rate hikes for crypto businesses due to an large influx of requests from miners hoping to increase profit from the now cheap prices.

Quebec is not the only area beginning to take notice of the huge increase in cryptocurrency miners consuming large amounts of cheap power. Earlier this week a lawmaker in Iceland proposed a tax on all bitcoin mining companies. The country has extensive geothermal energy resources, and like Canada offers a cold climate that add in the heat dispersion of mining machines.

#quebec #mining #electricity #iceland

7 years ago in #bitcoin by realmsofcrypto (50)

$1.15