APAC Mining Corp, a bitcoin (BTC) miner owned by Fatfish Internet Group, has found a site in Montreal, Canada which be used to house a virtual currency mining operation. At the moment some of the digital currencies that APAC Mining is focused on include litecoin (LTC), dashcoin (DCH), ethereum (ETH) and bitcoin.
The crypto miner also possesses other mining facilities in Asia namely Malaysia where the goal is to mine approximately 690 Ethers and 170 bitcoins annually. At its new site in Canada the total energy capacity will be enough to power a total of 700 digital currency mining servers. Currently estimates indicate that the amount of electricity that is required to run virtual currency mining operations across the globe is 67 Terawatt hours which is about the annual power consumption of the Czech Republic.
Lower energy prices
Part of the reason why APAC Mining Corp chose Canada is because the North American country enjoys some of the lowest electricity prices in the world, most of which is generated from hydro. Besides cutting on the cost of mining with the low energy rates Fatfish will also be conducting its activities in an environmentally friendly manner. After the first site gets off the ground Fatfish is planning on adding other plants in Canada.
Among the provinces in Canada Quebec is one of the most popular in the North American country for mining of virtual currencies. Per Hydro Quebec, one of the electricity utilities in the province, a surplus of approximately 100 Terawatt hours is produced and this makes it the cheapest power source in North America. Other provinces in Canada which are attracting miners include Manitoba.
Additionally the cool temperatures in Canada are also attractive for a bitcoin miner such as APAC Mining. This is because mining virtual currencies produces vast amounts of heat due to the fact that a lot of the power that is consumed by the mining rigs gets converted into heat. In order to prevent damage to the computers or slow down the process this heat requires disposing off and the generally low temperatures which are enjoyed in Canada help ensure that the mining machines stay cool.
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