China will not ban bitcoin mining

Beijing has been concerned for a long time that in some regions miners abuse the low cost of electricity, which sometimes disrupts the normal electricity usage
05 January 2018   664

Representatives of the People's Bank of China denied the earlier rumors about a possible ban on bitcoin mining, but intend to gradually eliminate the existing preferential terms for this business in the field of electricity, taxes and land use. This is reported by CoinDesk.

Reports on the likelihood of a ban on mining in China appeared on Wednesday, January 3. As it was stated, at the closed meeting of the NBK, the plan for limiting the supply of electricity to the cryptocurrency miners was discussed.

However, as Caixin writes, no meeting was held on that date.

At the same time, the publication confirmed that the Chinese authorities are really considering the possibility of withdrawing the preferences that the mining companies have recently used.

It is alleged that official Beijing has been concerned for a long time that in some regions of the country, miners abuse the low cost of electricity, which sometimes disrupts the normal mode of using electricity.

To date, China has concentrated a number of the world's largest farms for cryptocurrency mining, which use huge computing power. With an increased demand for electricity, the infrastructure is sometimes trivial.

Mining Companies Approached Quebec

Miners are hoping to take advantage of Canadian electric utility Hydro-Quebec cheap rates
17 February 2018   107

During an interview with CTV News Montreal, spokesman Marc-Antoine Pouliot told that more than 100 crypto mining companies approached Hydro-Quebec. Few of them have already settled there.

According to Pouliot, some farms would consume more than 20x the power required for Montreal's sports and entertainment complex, The Bell Centre.

One project like that isn't a problem, but now we're talking hundreds.

Marc-Antoine Pouliot

Spokesman

Hydro-Quebec is attracting mining companies to the province with its low rates, but the cheap energy and cold weather - ideal for keeping mining machines cool.

Pouliot stated that Hydro-Quebec has a surplus of energy, which makes miners interesting clients. Taking this into account, Hydro-Quebec may raise energy rates for crypto businesses.