Canada has declared a domestic war on bitcoin mining

 

Canada has declared a domestic war on bitcoin mining

1. Many local governments across
2. Canada have begun to make
3. life harder for bitcoin miners.

North America became the main hub of

mining of bitcoin after China's sudden ban in May 2021.

While the United States has captured most of

the news headlines and much of investors' interest

Canada's position as a global mining leader has grown.

From industrial mining plantations to

off-grid mining operations, Canada is home to miners.

But the last months of 2022

• saw many provinces targeting bitcoin miners

• and suspending any new network connections during

• the start of "environmental assessments."

Canada's Mining Regulations

Hydro-Quebec made an announcement about its plan for

a boycott to stop selling cheap power to cryptocurrency miners.

The proposal called for Canada's Energy Regulatory Authority to suspend the allocation of 270 megawatts requested by cryptocurrency miners.

Bitcoin miners in Quebec are already aware that local regulations are too restrictive for easy growth, but this new proposal may make mining in the province more difficult.

Immediately after Thanksgiving

Manitoba announced plans to stop any new connections to

the electrical grid for cryptocurrency mining operations.

From November 2022 to November 2023, the suspension will last 18 months.

allow for a review of external factors from energy requirements in the mining industry, according to the Finance Minister. The 37 mining plants currently operating in Manitoba will not be affected at this time.

But recent requests for new communications

have been suspended from 17 different operators.

Just before Christmas

• British Columbia garnered media attention for its attempts to

• stem mining expansion to evaluate the effects of

• cryptocurrency mining operations.

An 18-month ban on accepting any new applications for

Exclusively from bitcoin mining companies

electrical grid connections were imposed.

The district said at the time that 21 applications awaiting approval had been suspended.

An assessment of how bitcoin mining affects the county's "environmental objectives" is the stated reason for the 18-month suspension of British Columbia.

Prior to these network connectivity restrictions

Canada had long been a global hub for cryptocurrency growth in general

and bitcoin mining activity in particular

with a high estimate of 7% of the global retail rate operating within its borders.

But many localities

are starting to make miners feel unwelcome.

Along the way at the helm of the Canadian government

the current prime minister

Justin Trudeau

made no secret that he was reprehending the entire cryptocurrency industry.

After his conservative counterpart Pierre Buelliver expressed strong support for Bitcoin, Trudeau wasted no time in responding by calling his rival's views "irresponsible" and cryptocurrencies "volatile."

However

from his personal Twitter account

Trudeau never tweeted about cryptocurrencies, bitcoin or mining.

Canadian mining scene

The mining discourse generally refers to

either "North America" as a whole or "the United States" specifically

But Canada plays an important role in

boosting the online retail rate across the North American region.

For the most part

Canadian miners endure much harsher climates than their counterparts in the south.

For example

• Upstream Data CEO Steve Barbour shared photos on Twitter of

• the devastating and underappreciated effects of

• Canada's extreme weather on bitcoin mining operations.

Frozen cables

iced devices and large snow drifts do not provide ideal mining conditions.

But some of the most well-known public

and independent, private mining firms have operations or headquarters in Canada.

For publicly traded companies

Bitfarms, SATO Technologies, Hut 8, and other companies are on the list.

A list of private companies based in Canada

or operating in Canada includes Compass Mining

Bitfury

Upstream Data and others.

Almost all of these brands are semi-familiar names in the bitcoin economy and often play key roles in bitcoin advocacy and education. Canada has a sizable presence in the bitcoin market.