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Homepage / News November 19, 2017 175 views

Quebec Attracts Cryptocurrency Miners with Inexpensive Hydropower

Quebec Attracts Cryptocurrency Miners with Economical Hydropower


Quebec is increasingly becoming a place of interest for bitcoin miners. The Canadian province providing inexpensive electricity and cold winters providing inexpensive cooling.

Also Study:&nbspChinese Bitcoin Miners Discover Relocating Abroad Amid Fears of Crackdown

A Young Canadian Entrepreneur Told Local Media That Quebec Is Becoming a Hotspot for Mining

Quebec Attracts Cryptocurrency Miners With Inexpensive PowerMr. Bertrand runs roughly 50 ASICs in a warehouse on the outskirts of Montreal. Every unit consumes around 90¢ CAD (roughly 70¢ USD) day-to-day, yet can create a income of approximately $600 CAD ($470 USD) monthly. The affordable energy charges are attributed to an abundance of hydropower in the province, which, Mr. Bertrand claims, is attracting the interest of significant mining organizations from China and Iceland.

Hydro-Quebec, a state-owned enterprise based in Montreal, manages the distribution of power throughout Quebec. It is estimated that more than 40 % of Canada’s water sources are situated in the province, resulting in Hydro-Quebec comprising the fourth biggest producer of hydropower in the world. Though the typical cost of residential energy in Quebec is five.82¢ CAD (4.56¢ USD) per kilowatt-hour (kWh), Hydro-Quebec lately announced that it will introduce an ‘Industrial Revitalization Rate‘ from April 1st, 2018. Once in impact, the new rate will offer electrical energy to organizations requiring “at least 500 [kilowatts] in additional demand” for three.30¢ CAD (two.58¢ USD).

Quebec’s Affordable Power is Attracting Miners from China

A increasing number of Chinese bitcoin miners have begun to explore alternative locations in which to base their operations, amid increasing concerns that the Chinese central government may seek to extend its recent cryptocurrency crackdown to target bitcoin mining. Radio-Canada lately reported that “a dozen main Asian players in the cryptocurrency sector have contacted Hydro-Quebec, as they are searching for a place to set up their massive personal computer centers.”

Eric Filion, Hydro-Quebec’s Vice President of Buyers, has confirmed the report, stating “these are actually big players who contact us… The Bell Center in Montreal consumes the equivalent of five megawatts of energy. The players who speak to us [consume] from five megawatts to many hundred megawatts of energy.”

What do you make of reports that main mining companies have straight contacted Hydro-Quebec? Share your thoughts in the comments section beneath!

Images courtesy of Shutterstock, and Hydro-Quebec.

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Published at Sun, 19 Nov 2017 23:30:44 +0000