Asia Canada seems to have the answer

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’

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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
expert, and advisor to the hydro-powered crypto-mining company, 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. According to the company’s data,
the province has an energy excess of equal to 100 terawatt-hours over ten
years. Only one terawatt-hour supplies 60,000 homes in Quebec within the entire
a year.

If
you are thinking that the solution to the mining problem is still being
discussed, you are wrong. Hydro Quebec has also recently claimed that after it
implemented a crusade to engage crypto miners last year they have finally
attracted over the half of globe’s significant actors in the niche.

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 world’s hometown of the most
significant crypto miners.