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21 September 2021

Why Aren’t More Bitcoin Miners Setting Up Shop In Canada?

Why Aren’t More Bitcoin Miners Setting Up Shop In Canada?

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As more bitcoin miners migrate from China, they are hesitant to set up shop in Canada, despite abundant energy and a cool climate?

Canada seems to offer many of the advantages for successful bitcoin mining — lots of stranded renewable energy (mostly hydro), a cooler climate (which is easier on equipment) and a lower fiat currency value (more competitive than the U.S.

Compass Mining, a full-service mining host and equipment provider, recently released an in-depth mining report that included a look at mining in Canada and concluded that energy should be inexpensive there — but that a problem lies with the regulatory environment.

For his business in particular, that concern has not been a deal breaker for operating in Canada, though many other bitcoin mining operations would likely not see it this way.

“We’d like to recommend Canada, but the problem here is not so much the cost of energy itself but the logistics of accessing energy markets,” Citadel256 cofounder and mining consultant Magdalena Gronowska told Bitcoin Magazine.

Compass Mining’s report maintains that Canada’s regulatory environment is the main problem for mining companies noting that ”the high level of bureaucracy in the country has hindered the growth and scalability of Bitcoin mining,” and that “there is a lack of clarity regarding how cryptocurrency assets should be treated.

Gronowska agrees with Compass Mining that the Canadian regulatory environment is a challenge.

Compass concluded that it is the country’s confusing and unclear regulatory environment that causes mining companies to go elsewhere.

Gronowska agrees that there tends to be a bias against business in Canada and that fragmented regulations and multiple regulatory bodies impose additional challenges for bitcoin miners

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