Bitcoin miners have been moving out of China since June when Beijing began the crackdown on cryptocurrencies. Miners found new homes in countries that include Kazakhstan, Russia, and the United States. Alberta is one Canadian province that is on the radar.
Nevada-based Black Rock Petroleum Company has promised to bring about one million Bitcoin mining machines in its southern Alberta natural gas plants. Though no specific timeline has been given about how long the contract will stay. The company seems to be looking for a contract that will last for 24 months.
Bitcoin mining operations are set to be running at the Quirk Creek natural gas plant in the Southwest of Calgary. According to Ether Capital CEO Brian Mosoff, Bitcoin miners in Alberta will be able to explore energy sources at affordable rates.
“Alberta is a great place to go, it comes down to: can they co-locate next to some other business that gives off energy as a byproduct to another service they’re performing; or can they make a deal with government or the energy company locally to source however many megawatts at a certain price and lock that in for several years. You could do that in Alberta.”
Mosoff further noted that Quebec and Ontario are the other Canadian provinces miners may be interested in setting farms. However, Alberta has the most competitive energy rates, something that is of great importance to miners.
Canada is gaining a lot from Bitcoin mining operations, however, cryptocurrencies still have a bad carbon footprint reputation. However, Canada can continue welcoming miners in the country and later influence how they utilize energy.