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Bitmain Reportedly Eyeing Canada for Bitcoin Mining Expansion

After announcing a Swiss branch, Chinese bitcoin mining giant Bitmain is reportedly looking at a second expansion into Quebec.

Jan 15, 2018 at 7:03 a.m. UTC
Updated Sep 13, 2021 at 7:22 a.m. UTC

A few days after announcing a new branch in Switzerland, China’s mining giant Bitmain Technologies is considering another expansion - this time in Canada’s Quebec province.

According to a report by Reuters, Bitmain is looking at potential mining sites in Quebec and has already begun discussions with power authorities.

The new plan appears to be an addiction to Bitmain's current mining facilities overseas. The company also recently announced it was expanding to Switzerland, having already registered a new branch near the European nation’s “Crypto Valley.” At the time, Bitmain announced Switzerland would “play a key role” in its global expansion plans.

In a response to CoinDesk, Bitmain also said its mining operation in the North America region has been on since 2015 but did not reveal exact locations.

While there's no clear indication that the two events are related, Bitmain's new plan came at a time when China, the current hub of bitcoin mining with more than 70% of the network’s computing power calling it home, has recently indicated it might curb tax and power benefits miners currently enjoy.

As reported by CoinDesk previously, Quebec has become an attractive location for new bitcoin mining facilities. The region has excessive cheap hydropower to offer tech companies, including bitcoin miners. In addition, the country’s colder environment is conducive to longer lives for the ASIC machines which companies use to mine bitcoin.

Quebec hydro dam image via Shutterstock

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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