Rate this post

One of the provinces of Canada, Quebec, could be the new place where Chinese miners would settle their mining investments. Some rumours were circulating about a possible ban to cryptocurrency mining farms in China. This situation has increased the demand for new places were to start new cryptocurrency mining farms.

Quebec – Cheap Electricity, Cold Weather, Stability

Cryptocurrency mining requires some special conditions: cheap electricity, cold weather and a stable political and economic situation. In China, the cold weather and the cheap electricity costs were covered, but the political situation is not so clear.

China uses hydroelectric power plants in order to produce electricity for several industrial parks and towns. With the cryptocurrency mining farms using a lot of this power, the Chinese government has decided to stop the preferential treatment received by bitcoin miners.

Quebec Flag

Quebec Flag

That’s why, Canada could be the next destination for Bitcoin miners, but more specifically Quebec. With low temperatures and renewable energy sources, this place cold be the next mining sanctuary for Chinese miners. Besides that, Canada does not have the political turmoil that other countries may experience.

David Vincent, business development director at electric utility Hydro Quebec, commented in an interview:

“I have so much demand right now that there is no need for marketing. Pretty much every day I have a new sell. We have the capacity, but we are not used to having so much big demand like this. It’s a good problem to have.”

Cryptocurrency Mining

In order to mine cryptocurrencies in 2018, special equipment is required. Bitcoin can be mined with ASIC hardware processors. These Bitcoin mining hardware is used exclusively for Bitcoin mining and different cryptocurrencies can’t be mined at the same time with the same hardware.

Bitcoin mining activities require a lot of energy consumption and cold temperatures. The hardware is processing several operations that would compensate the miner with bitcoin. What miners do when they set up a mining farm is confirming Bitcoin transactions in the network. The fees that are paid when transacting this currency are paid to miners, that are also compensated with Bitcoin if they find a block.

If the investor wants to mine other cryptocurrencies this is possible. Other currencies like Litecoin, can be mined with GPU power. Just some few cryptocurrencies can be mined with CPU power, like Monero. Lots of individuals mining cryptocurrencies tend to have cheaper electricity costs. Sometimes, they use solar panels which can be used to reduce mining costs.

Image Courtesy of Pixabay


iporn xxx
arab xxnx

Share This