Chinese miners contemplate to move abroad

Chinese miners are preparing for the possibility of having to move their businesses overseas due to threat of China's ban on mining
21 November 2017   633

Recently, flow of news have been suggesting that China has intention to prohibit mining as state-run Sichuan Electric Power Corporation supposedly spreaded a circular ordering grid-connected hydropower stations to cease supplying low-cost electricity to bitcoin mining operations.

Soon after, it appeared that the report has been contradicted as the company admitted it made several mistakes, including using unverified claims, on its circular.

However, bitcoin miners are still suggesting moving their operations abroad to protect their businesses.

Many of us have already paid visit to Vietnam, Laos, Thailand, Russia and the US, negotiating electricity prices with local authorities and buying sites for future use … The business blueprint is bound to go overseas, even if there’s only a 1 per cent possibility that China’s crackdown against bitcoin would extend to mining.

 

Cui

Cryptocurrency miner from China said in an interview with the The South China Morning Post

The Chinese Bitcoin miners began arriving  to Quebec due to inexpensive electricity and cooling there, looking for alternative locations to place their operations. Hydro-Quebec provides 4.55 $ per kWh. It also plans to provide additional 500 kWh per 2.58 $ by April 2018.

Despite the fact that China has become the leader in bitcoin mining a little uncertainty is enough to induce cryptocurrency supporters to take precautions and even prepare for the possibility of moving operations outside the country.

Mining Companies Approached Quebec

Miners are hoping to take advantage of Canadian electric utility Hydro-Quebec cheap rates
17 February 2018   146

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.