For over a decade now, Bitcoin has brought tremendous transformation in the financial world. It has revolutionized how we virtually buy and sell products. It has no intrinsic value, yet based on how one is willing to pay for one bitcoin is much enough to sustain your business in the money world.
However, there’s an outcry in many countries on its impact on the ecosystem. And some have even laid very stringent measures that undermine its mining operation. With this regard, mine companies are shifting their focus to investor-friendly countries.
And Canada, in particular, has attracted more investors, many of them preferring the province of Quebec to host their Bitcoin mining servers.
Why the province of Quebec?
The decentralization feature tied to Bitcoin mining operations has seen Central Banks and Fed reserves experience nightmares.
Besides burdensome regulations that oversee crypto mining activities, there are much more considerations, such as the cost of electricity the miners should consider when choosing a new location.
Quebec is the second most populated region in Canada, after Ontario. Due to its size and vast growth rate, many tech companies have seen a golden opportunity terming it the Century’s mining economic hub. And for miners alike, Quebec has become home to their Bitcoin mining hosting service.
Here are a few reasons why companies should choose Quebec for Bitcoin mining hosting.
Availability of Cheap and Consistent Hydropower
Several hydropower plants in the region produce enough electricity to accommodate the crypto mining industry.
For example, the Hydro-Quebec Corporation alone supports the crypto mining sector with about 668 megawatts. This application is sufficient for mining firms that have met the selection criteria.
Power prices in this region are charged at about 5 Cents per kW/h, making it one of the cheapest in the world. Temperatures in Quebec are also lower, saving miners the cost of cooling their mining systems.
Therefore, in Quebec, you can earn significant profits if you save enough from the power expenses.
Quebec Has Favorable Laws for Bitcoin Mining
Despite having decentralized transactions and being well secured, some countries have put very tight laws on crypto mining companies. These laws aim to regulate cryptocurrencies as much as to undermine crypto mining activities.
Quebec has seen this as a window opportunity and has attracted many outsiders in the region. Apart from having the cheapest and renewable energy sources, the area boasts of laying investor-friendly laws. And as of this article, Quebec stands to be one of the most comprehensive crypto mining colocation centers worldwide.
The Canadian government does not recognize bitcoin as a currency. Therefore the banking system has zero hands-on regulations on the Cryptocurrency sector.
No Taxes or Extra Fees Charged on Bitcoin Transactions
Carrying out crypto mining in countries that regulate the crypto business will see you making very slim margins.
There are no hidden charges or taxes on the mining operation in Quebec, rendering the province the best bet for miners. There is freedom of conducting the bitcoin transactions without fear of the government being on your neck.
Tax can only be charged on income from the sale of Bitcoin, that is if you’ve made a profit on it.
The Region is Rich in Mining Operational Areas
Quebec boasts in many areas where investors can choose to put their data centers. These sites are secured enough to guarantee trust to locals and foreign miner companies as the equipment is usually very sophisticated.