Canada is most innovative country that providers various benefits for crypto miners to perform their activities. But recently, the country’s provision, Quebec removed a ban on cryptocurrency mining firms to sell electricity with new consent.
Firms are Now Free to Mine Cryptocurrency
Since March, 2018 the Quebecois government had imposed a ban on selling electricity to cryptocurrency miners but recently, the government has lifted its ban on the electricity to crypto mining firms. Since, Canada holds the second populous region in search of cheap electricity, the announcement point towards government’s intention to build a measured relationship with mining companies.
Remarkably, Quebec supplies low-cost electricity through Hydro Quebec’s network of 63 hydroelectric power stations. Eventually, it seems to be attracting for the upcoming Bitcoin miners. Although, the demand for electricity doesn’t remained the same. The spokesperson of Hydro-Quebec, Marc-Antoine Pouliot said that;
“Having interruptible customers during these critical periods makes it possible to connect more. [Hydro-Québec’s mandate] is to ensure the implementation of cryptocurrencies in Québec by maximizing economic benefits and ensuring the stability of our electricity supply. To ensure the implementation of cryptocurrencies in Québec by maximizing economic benefits and ensuring the stability of our electricity supply… We’ve been waiting a long time”.
However, the approach was to prove to be beneficial for Quebec as miners were able to legally operate without depending on electricity from homes, other businesses and industries. Therefore, the government has not only lift the ban but also plans to work with mining companies.
But then the problem arised during the peak times, there will be heavy load shedding from Hydro-Quebec. This means when the power grid is prolonged to capacity, there will be power cut off to miners. Due to this, power loss ensued between 100 to 300 hrs/year.
Cryptocurrency mining increasingly becoming powerful
Yes, Crypto mining is booming powerfully and has become an important activity for massive business. However, such businesses need complex calculations to generate coins that require industrial-scale potential. Noticeably, crypto mining industries maturely expel the ‘regular folks’ who make use of their computers.
In reality, the chairman of Hut 8 Mining Crop, crypto mining equipment provider Bitfury Group LTD, Bill Tai, expects only 5 to 10 miners to endure and be lucrative.
“It’s totally different this year than last year. The bitcoin mining industry was this mysterious dark cottage industry, and it’s about to grow up and about to have elements of institutional scalability at all levels”.
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Image Source: Canada