Canada is luring Bitcoin mining companies to its shores as China, the current global hub of crypto mining, looks to crackdown on the sector’s energy usage.
Several industry sources Business Insider spoke to this week said that Bitcoin miners are thinking of moving to Canada after lobbying from the country’s energy industry. Quebec specifically has been wooing Bitcoin miners in the hopes of boosting local economies.
Reuters reported on Friday that Bitmain, the world’s biggest blockchain mining company, is looking at moving operations to Canada and said utility company Hydro Quebec is in talks with around 30 large cryptocurrency miners about potential moves. BTC.Top, another major miner, is also setting up shop in Canada.