Bitcoin miners flocking to Canada after China’s mining clampdown

Source: Bitcoin miners flocking to Canada after China’s mining clampdown

Since China’s decision earlier this month to outlaw bitcoin mining, operations have begun moving elsewhere, and Canada is quickly becoming one of the most popular new destinations for bitcoin miners.

Bitcoin mining - the process by which a computer solves a complex equation and creates a new bitcoin - requires a lot of energy and produces a lot of heat. Canada’s cool climate and cheap energy costs thus make it an ideal location for bitcoin mining. Thanks to the hydroelectric facilities scattered throughout Quebec, the average cost for bitcoin mining operations in the province is just under $0.04 per kilowatt-hour - half or even a third the cost of electricity anywhere else in North America. And Canada, unlike China, has a stable political environment in which bitcoin miners can operate with less interference.