Crypto mining operations in Quebec got a boost on Monday night, as the Parti Liberal du Quebec (PLQ) lost control of the government following a crushing election defeat. The PLQ had taken an active stance to wipe out crypto mining in the province, by hiking up the prices of electricity for crypto mining firms and reducing the amount of power available to crypto miners. However, late on Monday night it was confirmed that the PLQ had lost the election to the Coalition Avenir Québec (CAQ) by a whopping 42 seats. The CAQ is aligned with more center-right philosophies and is generally pro-business, meaning that there is a good chance it will help businesses grow – including crypto miners.
Canada a Hotbed for Crypto Mining
Canada has one of the largest natural gas reserves in the world and hundreds of hydroelectric dams, meaning that there is an abundance of low-cost power in the country. Many crypto mining firms are heading over to Canada to gain access to this low-cost power, and now that CAQ has won the election, crypto miners will be branching out into Quebec as well. Canada is already home to the largest publicly traded crypto mining firm – Hut 8 – and it won’t be long before more mining behemoths move to Canada.
Bitmain Assessing the Situation
Bitmain has long been trying to get into Canada, and Quebec was one of its top choices. Under the PLQ, Bitmain had lobbied for permits to open a mining farm, but the premier keeps shooting its plans down. This then forced Bitmain to look elsewhere, as have many other crypto mining firms from the region.
Iceland Could Have Competition
When it comes to crypto mining, nowhere is quite as attractive as Iceland. Thanks to an abundance of geothermal power and its arctic-like climate, crypto mining is incredibly cheap – meaning there are more profits to be made. Crypto mining accounts for the majority of Iceland’s total power usage and this number is only set to increase. Yet, with Quebec’s new government in place, it could quickly challenge Iceland for the accolade of best crypto mining jurisdiction. Cold weather and cheap power will help Quebec compete, and its entrepreneurial tendencies could just tip the scale.
Crypto mining is undoubtedly the most important part of all decentralized cryptocurrencies. Without it, transactions simply wouldn’t get confirmed, meaning that without miners, there is no crypto. This election result in Quebec will help the crypto mining community thrive, meaning that cryptocurrencies like Bitcoin will continue to run smoothly.