Bitcoin mining in Canada has become a major industry supporting the local economy

Canada is attractive for its energy cost efficiency, and at least one crypto mining operation is taking advantage of it. Emiliano Grodzki, founder and chief strategy officer of Bitfarms, recently told local media that they are working to get more provinces involved to help them benefit from mining. This includes a recent agreement with Quebec, which is a win-win for both parties.

Working with local communities in Canada is one of Bitfarms’ top priorities. It recently reportedly signed an electricity deal with Sherbrooke City Council. According to the Vancouver Sun, it is being seen as an experiment in how towns across the province can make money as players in this new industry.
Bitfarms president Pierre-Luc Quimper told the news outlet:
“We have a long-term mentality. We want to be long-term partners.”
Quebec cities buy electricity from Hydro-Quebec. When they do, they buy enough to meet peak demand.
During the warmer months, the energy network builds up a surplus. Sherbrooke Municipal Electricity has pushed municipalities to find ways to profit from the extra power.
Bitfarms has an agreement with it to purchase nearly 100 megawatts of electricity from Sherbrooke.
The only downside is that it won't be able to extract much during the winter, when Canada's residents have the greatest demand for electricity.
Abandoned factory converted into mine
Bitfarms has been converting factories in Quebec that were abandoned by failed manufacturing companies. For example, it leased a Tupperware factory in Cowansville and an old carpet factory in Farnham, according to the Vancouver Sun.
It even turned a former hockey stick factory into a mine, which would bring its number to five.
Bitfarms said its long-term goal is to expand into other applications of blockchain , but for now it is focusing on building out its mining infrastructure.
Fleeing China and heading to Canada for Bitcoin mining
Canada has positioned itself as a place for crypto miners, luring in a steady stream of miners who need the cheap electricity in Quebec.
The city’s energy department, the Régie de l’Énergie, this month asked its largest electricity supplier to reserve an additional 300 megawatts of discounted energy for new bitcoin mining projects, CCN reported.
Until now, crypto mining has been concentrated in China. However, as Beijing considers an outright ban on Bitcoin mining , the industry is flocking to Canada.
Although China’s mining market accounts for 75% of the world’s total, with Beijing’s increasingly stringent crackdowns in recent days, Canada will surpass China in Bitcoin mining in the future . (Chain Finance)