When it comes to mining the top digital asset Bitcoin (BTC), Canada is a natural fit. The country’s
temperate climate helps to ensure that mining equipment is kept cool. Canada’s hydroelectric dams allow the North American nation to develop
plenty of renewable energy giving provinces like BC (British Columbia) an advantage when it comes to mining with the
benefit of cheaper electricity rates.
British Columbia Sitting on Surplus of Hydroelectric Energy
Due to depleted resources,
many paper and pulp mills, as well as traditional mines in the region, have
closed. This has resulted
in a surplus of energy supply in BC. The
power surplus can also be attributed to
the success of a number of alternative
energy initiatives including energy conservation techniques. Hence, BC Hydro, the energy farm owned by the government
of BC, is actively searching for new
startups including Bitcoin (BTC) miners to balance the surplus and help in
reviving the towns with depleted resources. The authorities have proposed a
discounted electricity rate to lure businesses into the region.
Bitcoin (BTC) Price Today – BTC / USD
BC Hydro is a Leader in Green Energy Initiatives in
According to Scott Howard, the CEO of Full Stack Capital a
Toronto based startup, in an interview with Bitcoin Magazine, the proposal
initiated by BC government has encouraged him. He declared that the province is
a true leader when it comes to alternative energy initiatives. Howard believes
that Bitcoin (BTC) mining is a base load that strengthens the power sector. The
effective generation and distribution of energy require
a balanced baseload which is something
that mining offers.
According to Dina Matterson, BC Hydro’s business development
manager, half of the new inquiries that the energy leader is getting are from
crypto-mining farms. It is estimated that
these inquiries could climb to 5,000 megawatts in energy demand over time.
Matterson said the energy leader would
submit a proposal in the early phase of 2019 to the BC Utilities Commission,
about an initial discount on energy for new corporate customers, especially
virtual currency companies.
The government British Columbia hopes to connect the pulp,
paper and lumber, pulp industries with traditional mining companies, that have invested
in substations and transmission lines, with Bitcoin (BTC) mining startups that
will rent these utilities at reduced cost.
Take an example, bitcoin miners within Ocean Falls, British
Columbia, are successfully using abandoned transmission lines and
power-generating stations and there’s a new Bitcoin mining farm under
development in Houston a once-thriving lumber region.
Six Megawatts of Electrical Energy Have Been Provided to Miners
According to the report, to this date, BC Hydro has
generated and distributed six megawatts of electricity to Bitcoin. Although the
utility believes many more crypto miners
may be operating in the province of BC. The attempts by the government of BC to
lure digital currency entrepreneurs to utilize
its surplus power and abandoned infrastructure is in line with global trends
that an upward shift in crypto mining should be on the cards.
According to a recent report published by the Cambridge
Centre for Alternative, Finance
University flagged the exponential rise
in crypto-mining operations globally in 2018. China remains top when it comes to countries hosting mining farms.
However, the United States and Canada have seen rapid
growth of crypto-mining openings in 2018. This
is facilitated by the availability of cheap hydroelectricity.