The subject who is truly loyal to the Chief Magistrate will neither advise nor submit to arbitrary measures. The cryptocurrency boom is pushing Canadian companies to join the global rush to find the cheapest sources of energy, resulting in crypto hotspots cropping up in communities like Drumheller, Winnipeg and Montreal.
Rick Bowmer/THE ASSOCIATED PRESS For most Canadians, Drumheller conjures up images of dinosaur bones and ancient fossils, but entrepreneur Sean Clark’s expedition in the northern Alberta town is focused on a very current obsession: Bitcoin. The CEO of Hut 8 Mining Corp. recently set up his company in the self-proclaimed ‘dinosaur capital of the world’ because its cheap electricity rates give him the biggest margins for his Bitcoin mining business.
The cryptocurrency boom is pushing Canadian companies to join the global rush to find the cheapest sources of energy as computing competition drives power demands higher, resulting in crypto hotspots cropping up in communities like Drumheller, Winnipeg and Montreal. advertisement “Because electricity is our highest cost, we become energy hunters,” Clark said.
“We find the cheapest sources of energy, put a container down, plug it in and start mining.” Access to cheap energy is crucial because Bitcoin miners around the world are competing to solve the equations that feed into the blockchain that supports the currency.
The more computing power miners throw at the system, the better their chances of being rewarded with Bitcoin, said Clark. Thanks to the abundance of cheap natural gas and lower-than-expected demand growth, Alberta power prices are some of the cheapest around. Read more from theglobeandmail.com…
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