On Sunday, the price of Bitcoin continued to fall, losing 5 to 6 percent of its value.
According to CoinMarketCap, since an all-time high of near $20,000 per bitcoin on December 17, 2017, the cryptocurrency has lost more than half of its value, currently trading at around $7,200.
Overall, Bitcoin’s price is up by about 150percent compared with this same time last year, when it was trading around $2,800.
Such fluctuations don’t seem to have stopped demand for setting up new mining operations, particularly in areas where electrical power is relatively inexpensive.
Demand is so high in one part of Canada that Hydro-Québec, the province’s energy utility, recently said that it would “temporarily” stop accepting energy requests from cryptocurrency mining companies “so that the company can continue to fulfil its obligations to supply electricity to all of Québec.”
The move comes as three months ago, utilities in neighbouring New York state announced they would be raising rates for mining companies.