Sweden to become next major Mining Centre

Stockholm School of Economics stated that Sweden’s bitcoin market is growing fast, due to friendly regulatory for fintech startups and cryptocurrency mining
27 November 2017   414

According to Claire Ingram Bogusz, a researcher at Stockholm School of Economics, Sweden is already the second largest fintech centre in Europe, with venture capital firms, practical policies, and startup accelerators in place. Investors in the Swedish fintech market have started to shift to the local bitcoin market, which has seen an rapid increase since the beginning of 2016.

Sweden is among the leaders in the global bitcoin market. There’s a very high-level of knowledge about it here, and a high-level of digital competence in the Fintech space. We may not be the size of Hong Kong or London, but it’s hard to find that level of digital competence in other financial centres.

 

Claire Ingram Bogusz

Researcher, Stockholm School of Economics

Furthermore, a large number of bitcoin miners have started to move to Sweden, due to its cold climate that ensures a cool environment for bitcoin miners and low-cost hydroelectric power.

Another region with cheap electricity and cold climate is the region of Northeastern China. However, Chinese miners have already started to consider relocating to other regions given the uncertainty of the Chinese bitcoin and cryptocurrency markets.

Sweden has cheap electricity and cold climate that is necessary to operate mining pools, but unlike China Sweden has friendly regulatory frameworks which allow bitcoin miners to operate more efficiently, without having to deal with restrictions from local authorities.

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.