China’s Crypto Crackdown Sends Miners Scurrying to Chilly Canada
- Easy capital raising for venture companies an added allure
- ‘It could become the crypto mining capital of the world’
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China’s clampdown on its crypto industry is sending miners scurrying for a new home. They’re finding one in Canada, lured by its cold climate, lots of clean, cheap power and a welcoming market for raising capital.
In Farnham, a Quebec town 35 kilometers (21 miles) north of the Vermont border, nearly 5,000 machines are packed into a former carpet factory run by Backbone Hosting Solutions Inc. The company, known as Bitfarms, says it’s earning more than $250,000 a day from minting Bitcoin, other virtual currencies and fees at four sites in the province. That makes the company, based near Montreal, a major consumer of electricity.