China’s Bitmain is easily one of the most recognized names in the field of cryptocurrency. They have their hands in many different areas of cryptocurrency, including several of the largest Bitcoin mining pools. They are also the creators of ASIC machines, which are used for Bitcoin mining. It was these machines that really helped to change the way that Bitcoin was mined in recent years. They have a substantial amount of weight and authority in the field already, and it seems as though they are continuing to look to expand.
Where Is Bitmain Expanding?
Earlier in 2018, they announced that they were going to open up a new branch in Switzerland, which is very popular with the crypto community. In addition, they are also going to be considering opening up more offices. This time they are going to be heading to Canada. The company has been scouring Quebec to find the best potential mining sites, and to talk with the power authorities to ensure that they are going to be able to have the power that they need.
After all, when these types of mining companies come to a location, they want to make sure that they are going to be able to get quality rates when it comes to the power they are going to be consuming. Their operation in Canada is supposedly not their only operation in North America. They have said that they have other mining operations there, and that they have been in place since 2015. However, they did not provide the locations.
One of the potential reasons that people believe they are expending more and more to other countries is because of what their home nation, China, might do. There are indicators in China that they might no longer offer the tax and power benefits in the country that miners are currently able to enjoy. The country of China is home to about 70% of all of the Bitcoin network’s computing power, and naturally this is scaring some of those who are in the field. They want to keep their power expenditures low, and that is why companies like Bitmain are opening up operations elsewhere.
Quebec makes a lot of sense for a new location to place mining facilities for a number of reasons. One of the biggest reasons is because they tend to have cheap power. This is thanks to hydropower, which has been helpful for many tech companies, not just the Bitcoin miners. One of the other big benefits is the nation’s environment. Because it is colder in Canada than it is in many other countries, it means that the ASIC machines that are being used will generally have a longer life than they might in other environments.
Bitmain is a massive company that is only going to get bigger. They have a massive influence in the field, and if China does decide to change their regulations on tax and power benefits, you can expect to see more of these operations open up elsewhere.