Quebec is ready to reduce the cost of electricity for miners

Bitcoin miners have been attracted to Quebec by appropriate conditions
20 November 2017   2748

Miners may obtain inexpensive electricity and cold winters for inexpensive cooling there.
Mr.Bertrand, a Canadian Entrepreneur runs 50 ASICS when each units coasts nearly 21$ per day while it produces nearly 470 $. 

Such abundance of electricity attracts big mining companies from China and Iceland.

Montreal state-owned enterprise called Hydro-Quebec realizes the distribution of power in Quebec. Because of 40% of all Canadian water resources are focused in Quebec, Hydro-Quebec is one of the most powerful producer of electricity in the world. Hydro-Quebec provides 4.55 $ per kWh. It also plans to provide additional 500 kWh per 2.58 $ by April 2018.

The Chinese Bitcoin miners began arriving to Quebec looking for alternative locations to place their operations and increase proceeds while Chinese government hunts down such initiatives.

These are really big players who contact us. The Bell Center in Montreal consumes the equivalent of 5 megawatts of power. The players who contact us [consume] from 5 megawatts to several hundred megawatts of power.

 

Eric Filion, Hydro-Quebec’s Vice President of Customers.

Iran to Issue Over 1000 Mining Licenses

Amir Hossein Saeedi Naeini from Iranian ICT Guild Organization said that crypto mining industry attracts many in Iran
27 January 2020   151

Over the past six months, the Iranian Ministry of Industry has issued more than 1000 cryptocurrency mining licenses. This was announced by Amir Hossein Saeedi Naeini, representative of the ICT Guild Organization.

According to him, cryptocurrency mining is a new industry that attracts many in Iran. He noted that miners must obtain a license to work.

The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country. Our studies show that the crypto mining industry has the potential to add $8.5 billion to the economy.

 

Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He believes that the cryptocurrency industry can help Iran's economy. However, he explained that the high cost of electricity is a serious problem for cryptocurrency miners.

High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.

 

Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He expressed the opinion that “the operating conditions in this industry should not be such that only large capitalists enter the cryptocurrency mining market but that all miners can operate.” He emphasized that changing electricity tariffs could stimulate the mining industry to generate more revenue.