Bitmain Technologies, the operator of some of the largest mining farms in China, is among several companies looking to expand overseas. The company’s spokesman, Nishant Sharma, told Reuters that it is eyeing bitcoin mining sites in Canada’s Québec province, which currently enjoys an energy surplus. He added that the company is in talks with regional power authorities in the province, and that it is also planning to expand in Switzerland.
Two Chinese miners said local authorities in China are increasingly unwilling to allow expansion and had started to shut down some mines in late 2017, as China clamped down on cryptocurrencies.
“We, and from what I understand many of our peers, are already making plans to go overseas,” said Li Wei, chief executive of ZQMiner, a Wuhan-based company which sells bitcoin mining equipment and has mines in three Chinese provinces.
According to public utility Hydro Québec, the energy surplus of the province is equivalent to up to 100 Terawatt hours over the course of ten years. One Terawatt hour powers about 60,000 homes in Québec during one year.