Quebec is ready to reduce the cost of electricity for miners

Bitcoin miners have been attracted to Quebec by appropriate conditions
20 November 2017   1373

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.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   70

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.
 

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.