Bitcoin: An agreement between Optimum Mining Host (OMH), a Chinese Bitcoin mining company, and Black Rock Petroleum Company (BRPC) plans to transfer 1 million Bitcoin mining platforms (BTC) from China to Canada in the next 24 months.
In a statement to the market, BRPC said it plans to “host and operate up to one million bit miners” for OMH “at three natural gas production sites located in Alberta, Canada”.
The first 200,000 units will be housed at the Quirk Creek facility near Millarville, Alberta. The statement does not specify how the total operating cost of all Bitcoin mining platforms will be split, but it appears that the two companies will pay the expenses.
escape from china
With China cracking down on cryptocurrency mining operations, many operations have already closed and are looking elsewhere. China’s decision to ban cryptocurrency mining operations is justified by concerns about carbon emissions and the People’s Bank of China’s desire to move away from the volatility of digital currencies.
The Chinese bank even stated that “virtual currency trading activities disrupt the normal economic and financial order, create the risk of illegal and criminal activities.”
Scale of transport operations
The partnership between the two companies may offer a taste of the scale of mining operations being forced out of China because of the country’s restrictions on cryptocurrencies. Or, it could be a sign of how companies want to profit from the uncertainty of Bitcoin’s future.
Even before the deal, there were signs that China-based BTC mining operations are planning to move to the US and Canada in search of cheap energy, privacy protections and the relative stability of their cryptocurrency mining regulations.