Canada for crypto
China’s cryptocurrency miners are heading to new markets following the government’s recent crackdown on energy-hungry crypto mining operations. Cold-climate Canada is one destination, with Chinese outfit BTC.Top aiming to set up shop there, while the world’s largest Bitcoin mining outfit, Bitmain Technologies, is already up and running in Quebec.
Canada’s big draw is cheap energy, with power utility Hydro Quebec reportedly in talks with around 30 large cryptocurrency mining firms about providing services to the segment.
Currency mining is not a new industry in Canada. Local cryptocurrency operation Backbone Hosting Solutions, also known as Bitfarms, already operates four farms, with more in the pipeline. Israel's Natural Resources Holding acquired a 75% stake in the company in December and Bitfarms is apparently eyeing a new site in the city of Baie-Comeau in northern Quebec.
The firm is already the largest cryptocurrency operation in North America by installed energy and hashpower, a measure of computing power.
China accounts for around four-fifths of the computational power devoted to global mining and the authorities have targeted the sector as the country switches investment from fossil fuels to renewable energy. China is set to receive one-quarter of total global investment in renewable energy between 2005 and 2030, equivalent to about $1.2tn, says the International Energy Agency.