Bitcoin BOMBSHELL: Chinese cryptocurrency miners to move to CANADA for energy sources

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Bitcoin minersGETTY

Chinese Bitcoin miners are looking at new possibilities in Canada

China has become one of the world’s biggest sources of cryptocurrency digging but there are signs Beijing is increasing scrutiny of the sector’s players and may ask adjoining authorities to regulate the vast amounts of power they use. 

Bitmain Technologies, worker of some of China’s biggest mining farms, is among several enterprises looking to expand overseas.

Spokesman Nishant Sharma said the solid was looking at sites in the energy-rich Canadian province of Quebec ahead of a developing crackdown by Beijing.

Bitcoin rigGETTY

Bitcoin mining operations large amounts of energy

We, and from what I understand many of our peers, are already making designs to go overseas

Li Wei

Bitcoin mining consumes large quantities of energy because it resort ti computers to solve complex maths puzzles to validate transactions in the cryptocurrency, which are set to the blockchain, or digital ledger. 

The first miner to solve the problem is redressed in bitcoin and the transaction is added to the blockchain.

While Beijing has not issued any formal edict on the bitcoin mines, two Chinese miners claimed local scholars were more unwilling to allow expansion and had started to shut down some removes.

Li Wei, chief executive of ZQMiner, a Wuhan-based company that sells bitcoin removing equipment and has mines in three Chinese provinces, said: «We, and from what I recognize many of our peers, are already making plans to go overseas.”

The challenge for miners is judgement existing facilities in Quebec that already have buildings and other infrastructure in district to use the large energy supply required for cryptocurrency mining. A new facility would perform about a year to become operational.

Hydro Quebec described a imminent sales pipeline of around 30 large cryptocurrency miners after a campaign by the communal utility to attract data centres to the province triggered a flurry of avail from bitcoin miners in 2017.

Director of business development David Vincent imagined: “Of the world’s top five largest blockchain players, we have at least three or four.”

Hydro Quebec, which offerings some of the lowest electricity rates in North America, said the province has an stick-to-it-iveness surplus equivalent to 100 Terawatt hours over 10 years. 

Guy vice-president Eric Filion said: «We have the energy available. It’s a subject of finding land and buildings quickly.»

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