Asiakeeps tying up the market of virtual money. Hence, bitcoin miners look for newplaces of residence for running the business. Canada is expected to become theheart and home for crypto miners as bitcoin and its brethren keep extending.According to the words of Cole Diamond, CEO of Coinsquare, which is one of thecountry’s top virtual money exchanges, Canada will soon turn into a centralsource for cryptos.“Ithink there’s definitely a rush happening now. I think we’re going to have asignificant amount of mining in the next few months,” said Diamond.ChineseMining ‘Refugees’Asit is known, to work successfully, miners need low-cost electricity, coldtemperatures as well as steady government.
Canada seems to fit all theserequirements, whereas Chinese crypto miners, who have been persecuted in thehome country, need a new place for running businesses.Whatare miners looking for?
Atthe beginning of last year fall, Chinese government prohibited ICOs and madethe country-based trading platforms to stop their activities. Moreover, Chineseofficials have also called on local authorities to cut off the power supply tocrypto miners. Therefore, Chinese miners are obliged to move out.CouldCanada Solve Mining Problems?Withtime, bitcoin mining demands more and more energy. Marco Marcovici, a cryptoexpert, and advisor to the hydro-powered crypto-mining company, HydroMiner, explainsit this way.
Firstly, the profits for mining grow. Secondly, a larger number ofpeople try to produce (mine) new cryptocurrencies for premiums. Thirdly, the numberof mining conveniences is being increased in order to earn gains. All of thesereasons show why the conveniences grow and the energy intake as well.Canadaseems to have the answer to this problem thanks to its multiple eco-friendlyenergy supplies. For instance, some of the lowest electricity prices in NorthAmerica are provided mainly by Hydro Quebec. According to the company’s data,the province has an energy excess of equal to 100 terawatt-hours over tenyears. Only one terawatt-hour supplies 60,000 homes in Quebec within the entirea year.
Ifyou are thinking that the solution to the mining problem is still beingdiscussed, you are wrong. Hydro Quebec has also recently claimed that after itimplemented a crusade to engage crypto miners last year they have finallyattracted over the half of globe’s significant actors in the niche.Meanwhile,according to Reuters, Manitoba Hydro has fielded over 100 queries from bitcoinand its ilks producers. And that’s only within the past three months! So maybeone day Canada will indeed end up being the world’s hometown of the mostsignificant crypto miners.