The country is already welcoming companies moving from China. Energy companies are receiving a lot of requests from firms wanting to establish crypto mining operations in various regions
Additionally, despite warnings from regulators about the risks of cryptocurrencies to investors, power companies, for instance in Manitoba and Quebec, are receiving a large number of inquiries from crypto mining companies.
Already, low cost of power favors crypto mining in the country. However, Hydro-Québec says it is considering increasing power rates as the interest surges. Hydro Quebec last runs a campaign to attract data centers and has so far received requests from foreign digital currency miners. In total, more than 100 digital currency companies are hoping to establish crypto operations in the area.
Additionally, Manitoba Hydro got requests from more than 100 groups hoping to establish crypto mining operations in the province since Christmas. This is in addition to the already operational six major digital currency mines operating in the province. Bruce Owen says they will together consume as much power as 18,000 new households.
Another company, Colcleugh, plans to power about 170 mining rigs especially for companies coming from China. The oil extraction and plans to use by-product natural gas to produce power for mining cryptocurrencies. The company has received requests from 6 firms from China hoping to set up mining operations nearby.
Increased Bitcoin prices especially last year made more people, including individuals and companies to reconsider their position on cryptocurrencies. One of strategic directions for experienced crypto enthusiasts now is to mine crypto to increase their shares in the market.
China regulatory problems are their vast blessings
And although most crypto mining operations based in China currently, it is likely that the trend will change in the future.
For instance, China’s crackdown on cryptocurrencies and ICOs is expected to change all that. It is likely that countries such as Canada, which already has several crypto innovations and is one of the leaders in this field, will become accessible grounds for miners. For instance, there are plans to establish the most massive mining operation in North America by Hut Eight company.
Examples of the companies already with crypto mining firms in Canada include HutEight, which runs a digital currency mine in central Alberta. At the mining operation are 48 shipping containers each containing hardware miners or rigs.
Near Castlegar in Southern B.C., DMG Blockchain Solutions is finalizing details of its new miner. It is a 27,000-square-foot facility Bitcoin mine with 20 workers. Inside it are rigs that run around the clock.