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Bitcoin Farms Select Quebec for its Clean Energy

Bitcoin Farms Select Quebec for its Clean Energy

April 12, 2018 6:39 am,

The cryptocurrency success initiated in 2009 and gradually extent worldwide, with most of the mining work being situated in countries posing cheap electricity and little regulation, such as China, Romania, and Iceland, among others. Much has altered subsequently then. Canada too became an interesting country to set up ‘rigs’. In 2016, Hydro-Québec publicized a strategy to woo data centers. Cryptocurrency miners give in to offers in September 2017. The overwhelming request for energy from bitcoin miners has upraised questions about how well Hydro-Québec’s grid can deliver for the requirements.

Bitfarms, one of North America’s main cryptocurrency mining actions, has 7,000 mining rigs in a once-abandoned work in an industrial park in Saint-­Hyacinthe, Quebec. This energy-intensive development is at the very core of cryptocurrency as distributed ledger systems trust on proof of work for their safety. “You’re basically solving insignificant puzzles that we cannot crack exactly. You can only brute-force your way into it,” states Christian Catalini, associate professor of technological advance at MIT and founder of the university’s Crypto­economics Lab, told Technology Review.

“Fundamentally, you’re hiring an economic cost between a user and an attacker. If someone needs to subvert the system by copying a transaction or return a legitimate transaction, they would have to spend an extremely high amount of energy and computation—to the point that no rational financial actor would do that, since the cost of doing an attack would be far better than the profit”, Catalini added.

David Malone, a professional in mathematical demonstrating of network systems, approximations that bitcoin alone is consuming as much electricity as Ireland. Its present global bitcoin hash rate is of 25 million terahashes a second. Mining businesses are currently helping their processes to potential investors as ecologically friendly and moving from coal-based countries such as China to cleaner forms of energy, such as hydropower.

Pierre-Luc Quimper, the founder of Bitfarms, situated all five of his mining processes in Quebec in order to fuel his 20,000 computers: “We habit a lot of energy. It has to be clean. If we have a footprint on the environment, that’s bad.” Hydro-Québec’s hydroelectric power is the perfect solution: a clean, renewable source of energy that can be delivered in huge quantities.