Cryptobinary Corporation Backbone Hosting Solutions Inc announced plans to invest 250 million canadian dollars (193 million USD) in computer centres in the canadian city Sherbrooke.
The investment will allow the company, also known as Bitfarms, a 4-fold increase in computing power and the number of employees in Quebec from 80 to 330 by the end of the year, according to the official company statement on Thursday.
Quebec office Bitfarms concluded several deals for the purchase of hydropower with Hydro-Sherbrooke to a total capacity of 98 megawatts.
For comparison, the mining firm Hut 8 Mining Corp., the billionaire investor Michael Novogratz runs the centre in Alberta, whose power at the end of the year amounted to 42 MW.
Bitfarms also manages centers in Saint-Hyacinthe, Varname, Notre Dame de Stanbridge, Cowansville and Magog, according to the company.
Canada attracts more and more miners from various countries, for example, China, once a major mining hub in the world, is now making every effort to expel miners from the country. The Chinese government recently issued a Directive instructing the miners to leave the country. This led them to consider moving to other locations, and, in this sense, Canada is for the miners of great interest.
Hydro Quebec, a major supplier of electricity in Eastern Canada, every day receives new requests for its services from the mining companies, said a company spokesman Marc Pullo. He added that most of these requests come from China, and that demand “greatly increased” since the end of last summer when the Chinese government intensified its repression against the bitcoin exchanges.