Chinese Bitcoin Miners Are Looking to Expand Westward
Bitmain technologies and several other miners operating in China are looking at Canada for its potential in surplus energy.
Mining operations in China are facing trouble after the country began its crackdown on their activity due to electrical grid consumption issues.
Now, Bitmain Technologies, one of the nation’s biggest miners, has its eye on greener pastures across the Pacific Ocean.
According to a company spokesman that spoke to Reuters, they’re thinking of setting sail to Quebec.
Canada is one of those countries blessed with a massive energy surplus that wouldn’t mind letting a few digital mining operations set up camp in their snowy land.
Hydro-Québec—one of the largest utility companies in the country with a total output capacity of 36,912 megawatts—says that it has a surplus of 100 terawatt-hours in ten years.
Stephen Paquet, VP of Montreal International—an economic development agency—alluded to the idea of miners wanting to use up that extra juice, saying that the area is a place for “green Bitcoin”.
The spokesman for Bitmain said that the miner has been operating in Canada since 2016, making it logistically easy to expand.
Bitmain isn’t the only mining pool that wants to concentrate more on the west, however.
“We, and from what I understand many of our peers, are already making plans to go overseas,” said Li Wei, CEO of ZQMiner.
A few days ago, China’s internet finance regulator issued a memo to local governments encouraging them to push their miners to make an “orderly exit” from their activities in their respective regions.
“Currently, there are some so-called ‘mining’ enterprises that produce ‘virtual currencies.’ They have consumed huge amounts of resources and stoked speculation of ‘virtual currencies,’” the document read.
At this point, the most feasible option for mining pools is to pack their bags and exploit more energy-rich countries that are willing to give them space to work.