Quebec’s Recently Elected Political Party to Open Doors to Bitcoin Mining Operations
Recently Elected, Quebec’s Political Party to Open Doors to Bitcoin Mining Operations
The election that took place in Quebec on Monday, October 1 has resulted, for some in favoring their views and others not so much. The province that was managed by the Liberal Party of Quebec is now going to be run by the Coalition Avenir Quebec (CAQ).
Many Quebec residents have since feared of the negative results that will come from the party – especially for one that could potentially propose a split from Canada altogether (which has yet to be revealed). However, one area of economy seems to have resulted for the better and it entails cryptocurrencies.
Turns out, the Liberal Party has been reserved when it comes to cryptocurrency mining, as the former government imposed double prices on electricity for said activities. This does not seem to be the case with CAQ, a center-right and business progress-oriented party.
Ex-columnist at one of Montreal’s newspaper outlets, Francois Remy commented on the reserved viewpoint Liberals had on crypto mining and described the measures taken as damaging “numerous mining operations in Quebec,” which forced several investors to seek business elsewhere.
According to Remy, both Parti Quebecois and CAQ, whom have since joined forces after the elections seem “more opened to blockchain,” adding that “they want to attract these companies, to support them.”
The reason why Quebec of all provinces is preferred for crypto mining activities is because of its combination of cold weather and cheap electricity, which automatically reduces the costs incurred. Thus far, Marathon Patent Group Inc. have leased approximately 26,700 square feet of space in Quebec to house nearly 1,400 Bitmain Antminer S9 miners, as per Bitcoinist.
Now that CAQ is in charge, this could possibly mean good for Quebec’s economy with respect to cryptocurrencies. As an owner of a local bitcoin mining firm put it:
“I am a Quebecer and I want to develop and participate in my local economy, but it is getting harder and harder and it seems to me […] the only choice is to look elsewhere.”