Bitfarms Mining Firm in Quebec Expands Even if Locals Are Fighting Against It
Bitfarms cryptocurrency mining company is still expanding, in spite of protesters from Sherbrooke, Quebec, where the firm in based.
The local news agency City News has reported on November 20th that people living close to the site of Bitfarms’ mining operations are complaining about the vibrations and sound coming from the facility in which the company is mining.
Bitfarms Representatives Have Promised to Solve the Problem
Executives at Bitfarms said they will solve the problem by putting up a 23-meter high wall around the farm, but this hasn’t convinced the people to no longer protest. Marcel Cyr, who lives across the river from Bitfarms has said that even if residents have complained, the company hasn’t stopped from expanding its activity. He continued by stating that people want the business to no longer continue with its operations until the noise problem is fixed. He said,
“They say they are acting in good faith. And in the beginning, we believed them. But we no longer believe them. How can we? The noise destroys the environment, destroys people’s health because of the stress. We had peace and quiet, and we want peace and quiet to return.”
The Company Manages 5 Mining Operations That Are Spread Across the Province
Bitfarms operates in 5 different locations that are spread across Quebec. It takes advantage of places where the hydropower is cheap. In Sherbrooke, it closed a deal with the administration to pay CAD$3 million, which is $2.25 million, every year for electricity. Mark Denault, the city counselor, has admitted that if he had known how much noise the mining firm’s cooling fans would make, he would have never allowed it to be located in Sherbrooke. He added that if the problems arising would have been foreseen, the company would no longer mine from the current location.
A Solution May Exist
Denault wanted to mention that the company is looking into the matter and planning to renovate the building from where it operates with a soundproof wall. He also said that increasing the farm’s capacity wouldn’t cause the noise to be louder. From his claims, Bitfarms is open to solve the noise problems like it did in Farnham, another location from which it operates. Patrick Melchior, Farnham’s mayor has said his community had to face the same problem back in 2017, but that Bitfarms took care of it.
“They were very cooperative. Their goal was really not to be a bad corporate citizen. They reduced the noise considerably .. and the citizens were very satisfied. The case is closed.”
Bitfarms Stocks Trading At CAD$0.53, Which is $0,40
Google Finance shows that Bitfarms is currently trading at CAD$0,53, the equivalent of $0,40. Its shares have been going down 75% since the July’s listing. In spite of the uncertainty in the market, crypto mining farms prefer to remain optimistic. Only yesterday Germany’s Northern Bitcoin has merged with their US competitor Whinstone so that they can jointly build what could be the largest crypto mining farm in the world.