Chinese bitcoin miners eye sites in energy-rich Canada

a circuit board: FILE PHOTO: Bitcoin mining computers are pictured in Bitmain's mining farm near Keflavik© REUTERS/Jemima Kelly/File Photo
FILE PHOTO: Bitcoin mining computers are pictured in Bitmain’s mining farm near Keflavik

China’s Bitmain Technologies is eyeing bitcoin mining sites in Quebec, a company spokesman told Reuters, as expectations of a potential Chinese crackdown on cryptocurrency mining make the energy-rich Canadian province an attractive alternative.

China has grown into one of the world’s biggest sources of cryptocurrency mining but there are signs Beijing is increasing scrutiny of the sector’s players and may ask local authorities to regulate their power use. Bitmain Technologies, operator of some of the largest mining farms in the country, is among several companies looking to expand overseas.

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Bitmain spokesman Nishant Sharma said in an e-mail on Friday that the company was looking at sites in Quebec and is in talks with regional power authorities in the province. It is also planning to expand in Switzerland.

Bitcoin mining consumes large quantities of energy because it uses computers to solve complex math puzzles to validate transactions in the cryptocurrency, which are written to the blockchain, or digital ledger. The first miner to solve the problem is rewarded in bitcoin and the transaction is added to the blockchain.

While Beijing has not issued any official

Article source: http://www.msn.com/en-ca/money/topstories/chinese-bitcoin-miners-eye-sites-in-energy-rich-canada/ar-AAuA2hQ?srcref=rss