Local Government of China to Regulate Bitcoin Mining

Local goverments are expected to regulate the power usage of bitcoin miners to gradually reduce the scale of their production
03 January 2018   345

The central bank of China told members of the Leading Group of Beijing Internet Financial Risks Remediation at a meeting at the end of 2017 that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production.

While the People’s Bank of China (PBOC) can’t directly regulate bitcoin miners’ power usage, it can ask local authorities to do so. At the meeting, the PBOC said that development of bitcoin mining will be limited, according to the source, who declined to be named.

In September China ordered all initial coin offerings to cease and all cryptocurrency trading exchanges to be shuttered with the aim of containing financial risks.

Mining Companies Approached Quebec

Miners are hoping to take advantage of Canadian electric utility Hydro-Quebec cheap rates
17 February 2018   133

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.