.IvisonJ: The Liberals are strangling crypto. Maybe because of something Pierre Poilievre said via nationalpost
An industry has grown up in Canada providing that computer capability and exporting it to bitcoin miners in the U.S. and beyond. A former hockey-stick factory in Sherbrooke, Que. is typical of the kind of location that is now home to companies like Bitfarm, which says it has invested $350 million in the province and employs 100 people.
It might sound benign, but in provinces with a 15-per-cent combined provincial and federal sales tax , that amounts to a 15-per-cent hike in the cost of doing business. Creating a mini-regime for a sector the government doesn’t like is a far cry from tax neutrality — the canonical goal of tax reform.
The industry has plenty of other problems, not least of which are proposals by energy providers like Hydro-Québec to stop selling cheap power to cryptocurrency miners. Manitoba and B.C. are also concerned about mining’s demands on their grids. But the federal government should be happy that around seven per cent of the digital mining industry globally is being powered using renewable resources from places like Quebec and B.C.
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