It seems that cryptocurrency miners based in Canada will have to restrain their activities. The miners began flooding with messages the electricity suppliers in Quebec. They seem to have big plans to create new virtual currencies, said Reuters.
Numerous miners are planning to install themselves in other countries where energy costs are lower. Among them, we find the Chinese platform, called Bitmain, who is looking for a new destination to mine cryptocurrencies. Also, this will reduce their operating costs.
Considering the ban on numerous institutions operating with cryptocurrencies in China, Indonesia, South Korea and others, many of them are trying to adapt to the new regulations imposed by the countries’ governments. They have to reorient to other market in case they want to continue their activities.
Canada does not have enough energy to satisfy all the miners
Numerous miners are looking after the Canadian market. Following several requests from them, Hydro Quebec renegotiates that the country would not have enough energy to satisfy the demands of all miners.
The energy company has researched this issue. They took into account the mining operations of 70 virtual currencies. The company claims to accumulate a surplus of 100 terawatt hours in 10 years. To support Hydro Quebec research, Digiconomist’s Bitcoin Energy Consumption Index calculated roughly how much energy will consume the Bitcoin and Bitcoin Cash mining activities. The result was 31 terawatts hours per year. Imagine that in the future there will not be just these two cryptocurrencies.
The utility supplier named Marc-Antoine Pouliot, related for Reuters that “We are receiving dozens of demands each day. This context is prompting us to clearly define our strategy. We won’t be able to power all the projects that we’re receiving. This is evolving very rapidly so we have to be prudent”.
Canada is already home to three most popular blockchain players, said in an interview the Director of Business Development at Hydro Quebec. Once Canada won’t support many demands of the miners wishing to settle on their territory, we assume that they will implement new regulations to control it.
Do you think that Canada will ban or reduce the mining activities on its territory in the future