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CANADA – NEW LAND FOR CRYPTOCURRENCY MINING COMPANIES

While crypto-market is cracking down in China, an increasing number of Chinese Bitcoin miners and coin exchanges are looking for a safer place for them to call “home”.

On the other side, with advantages of stable political state, cheap and abundant hydroelectricity, Canada is trying to attract these kinds companies to land their fortune in Canada. According to Radio-Canada recently reported: “a dozen major Asian players in the cryptocurrency industry have contacted Hydro-Quebec, as they are looking for a place to install their huge computer centers.”

Average price of electricity in North America cities

(http://www.cbc.ca/news/canada/manitoba/manitoba-bitcoin-1.4457486)

reference  :Average annual temperature comparison

From the above data, the two elements of inexpensive power cost and low annual average temperature make Canada the best place for cryptocurrency mining.

Mining power consumption and environmental effect

For new bitcoin created, it is necessary to solve a calculation formula called mining, which requires huge power consumption. The daily power consumption connected to the BTC network is said to be equivalent to the daily power consumption of the medium sized state.

In order to suppress excessive energy consumption and CO2 emissions caused by such mining, it seems that attention is gaining attention in Quebec province and Manitoba province in Canada that enable relatively cheap and environmentally friendly power supply in mining.

Quebec attracts more cryptocurrency mining companies

In recent years, citizens of Québec came to use solar panels more for private generation instead of the hydropower. Furthermore, in addition to the cold climate, Canada is attracting attention from mining companies as its land suitable for mining from the low electricity cost due to hydropower with abundant hydropower. Hydro-Quebec, set up by the provincial government of Quebec, is the largest hydroelectric power plant in the world and the largest hydropower supplier in the world. The government aims to grow Quebec’s economy by attracting companies that need a lot of energy, including Face Book, Amazon, Microsoft and others.

As the information from HQ, it is currently selling 450 MWh to computer server companies. And in the next 4 years, it aims to sell 6 TWh in general and 5 TWh more for cryptocurrency mining which is equivalent to about 2 million American homes.   

Also, surplus electricity accumulated for 10 years in local area is equivalent to the electricity that can be supplied to 6 million families for one year, and the profit is expected to grow by using the surplus electricity for mining.

Utilization of waste heat generated by bitcoin mining

Two most important things that make Manitoba is more advantage than Quebec is its cheapest hydroelectricity price and the lowest average annual temperatures.

There are over 20 facilities of varying size in the province currently mining Bitcoin, a local cryptocurrency expert said.

The hydropower project is regarded as one of the best assets of the state.

In addition, the Myera Group in this state is working on various fields such as cultivation of plants using waste heat of mining and temperature management of fish farms, and succeeded in creating new value of renewable energy.

The innovations for sustainability of the mining business is an important solution, which can bring profit to the miners while addressing the global environmental problems accompanying the expansion of energy demand and the increased facilities required for mining.

Conclusion

The enormous power consumption of cryptocurrency mining and the environmental impact caused by CO2 emissions have been regarded as problems by environmental experts and critics.

According to the Myera Group, there is a possibility that heat generated by bitcoin mining can also be used for agricultural production. From the viewpoint of protecting the global environment, the plan for attracting mining projects by hydroelectric power is expected to be a new option to enable sustainable mining and blockchain development.

Basic Information about Quebec and Manitoba (2017)

Quebec is one of the thirteen provinces and territories of Canada.
★Area: 1,542,056 km2
★Population:    8,356,851 (Q1/2017)
★Official languages:      French
★Largest city: Montreal
★GDP (Per capita):       46,126 CAD (2015)

Manitoba is a province at the longitudinal center of Canada.
★Area: 649,950 km2
★Population: 1,343,371 (Q4/2017)
★Official languages: English
★Largest city: Winnipeg
★GDP (Per capita): 50,820 CAD (2015)

Reference sites

https://news.bitcoin.com/quebec-attracts-cryptocurrency-miners-with-inexpensive-power/

https://en.wikipedia.org/wiki/Quebec

https://en.wikipedia.org/wiki/Manitoba

https://digiconomist.net/bitcoin-energy-consumption

https://theconversation.com/fossil-fuel-emissions-hit-record-high-after-unexpected-growth-global-carbon-budget-2017-87248

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