Asia keeps tying up the market of virtual money. Hence, bitcoin miners look for new places of residence for running the business. Canada is expected to become the heart 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 the country’s top virtual money exchanges, Canada will soon turn into a central source for cryptos.
“I think there’s definitely a rush happening now. I think we’re going to have a significant amount of mining in the next few months,” said Diamond.
Chinese Mining ‘Refugees’
As it is known, to work successfully, miners need low-cost electricity, cold temperatures as well as steady government. Canada seems to fit all these requirements, whereas Chinese crypto miners, who have been persecuted in the home country, need a new place for running businesses.
What are miners looking for?
- Sustained authorities
- Inexpensive electricity
- Cool climate
At the beginning of last year fall, Chinese government prohibited ICOs and made the country-based trading platforms to stop their activities. Moreover, Chinese officials have also called on local authorities to cut off the power supply to crypto miners. Therefore, Chinese miners are obliged to move out.
Could Canada Solve Mining Problems?
With time, bitcoin mining demands more and more energy. Marco Marcovici, a crypto advisor ar HydroMiner, explains it this way. Firstly, the profits for mining grow. Secondly, a larger number of people try to produce (mine) new cryptocurrencies for premiums. Thirdly, the number of mining conveniences is being increased in order to earn gains. All of these reasons show why the conveniences grow and the energy intake as well.
Canada seems to have the answer to this problem thanks to its multiple eco-friendly energy supplies. For instance, some of the lowest electricity prices in North America are provided mainly by Hydro Quebec. As the company informed, the province energy excesses are equal to 100 terawatt-hours and can be used within ten years. Only one terawatt-hour supplies 60,000 homes in Quebec for the entire year.
If you are thinking that the solution to the mining issue is still being discussed, you are wrong. Hydro Quebec has recently announced that it has finally drawn over the half of globe’s significant actors in the niche after last year it implemented a crusade to engage crypto miners.
Meanwhile, according to Reuters, Manitoba Hydro has fielded over 100 queries from bitcoin and its ilks producers. And that’s only within the past three months! So maybe one day Canada will indeed end up being the hometown for the most significant crypto miners from all over the globe.