China’s Crypto Crackdown Sends Miners Scurrying to Chilly Canada
“If Canada plays its cards right, it could become the crypto mining capital of the world.”
China’s clampdown on its crypto industry is sending miners scurrying for a new home, Canada.
As is known to all, cryptocurrency mining would bring heat and noise. However, average January temperatures of -10 degrees Celsius help reduce cooling costs.
The company, known as Bitfarms, says it’s earning more than $250,000 a day from minting Bitcoin, other virtual currencies and fees at four sites in the province.
China — home to about three-quarters of the machines plumbing the blockchain — dominated the scene until the Communist government halted trading of virtual currency, banned initial coin offerings and shut down mining in recent months.
Emiliano Grodzki, one of Bitfarms’ four founders, said in a recent tour of the Farnham facility, “There’s a very clear opportunity to find a lot of energy at good prices, and we have the perfect weather to mine.”
In Canada, Hydro-Quebec was quick to lay out the welcome mat. “Ontario, Manitoba, Quebec — in Canada, we have so much stranded power and huge infrastructure that’s being underutilized,” said Sean Clark, chief executive officer of Hut 8 Mining Corp., a Vancouver-based crypto miner backed by Bitfury.
“If Canada plays its cards right, it could become the crypto mining capital of the world,” said DMG’s CEO Dan Reitzik.
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