The province of Labrador has eleven data centres that mine cryptocurrency. The region’s electricity provider, NL Hydro, has received many applications for new capacity from these facilities, totalling 275 MW as of the spring of 2018. There are still several applications out there for additional capacity, totaling 326 MW. By the end of the year, it’s expected that the number of data centres in Labrador will reach more than 200.
Since the moratorium, the province of Labrador has received more than 50 applications for new projects, with 30 of them being data centres. It is now contacting those companies that applied before the moratorium took effect, including BlockLAB. This blockchain infrastructure company has been operating in the province for nearly two years and started out in a garage. It currently has two sites and employs 25 people. It has no products available yet, so no one is sure if it will expand.
In the interim, the province’s government has received 50 applications for projects, with 30 of those being data centers. As a result, the province is now contacting companies that applied before the moratorium. BlockLAB, a blockchain infrastructure company in Labrador, has no products available yet, but its efforts have paid off. The company is employing about 25 people and currently has ten megawatts of power between two sites.
In the long run, Labrador’s province could be the home of the first mining operations. The province has plenty of energy to supply the growing needs of the area, and electricity is cheap in Labrador. It is even more advantageous when considering the fact that energy is relatively inexpensive in Labrador. In the short term, this means that the region can continue to attract large numbers of visitors. And in the long run, the town will see a huge increase in business and a boost to its economy.
It’s a good thing the province has low electricity costs. The country has been struggling with electricity costs, and it needs to cut down on its carbon footprint. As a result, it will benefit the province and the region. In the long run, Labrador will become the hub of the blockchain industry in the world. There will be more jobs, and a lower cost of living. So, it’s a good thing the government has made the cryptocurrency market accessible in Labrador.
If the government allows cryptocurrency mining in Labrador, a local company will be required to build a data centre to support the operation. This is the only province in the world where electricity costs are so low that it is feasible for small-scale businesses to start a new industry. If this happens, the city will be in a position to take advantage of the growth in the crypto-mining industry. But the company must consider its location carefully, as the environment is important.