Canada is now becoming the ultimate destination of crypto miners. From every corner of the world, miners are swarming into this country to make their fortune. The reports unveil why it is happening.
As the cryptocurrency makes its way to global markets, Canada is emerging as a hub for miners, abounding with the crypto-conducive resources and friendly governance.
The CEO of Coinsquare, Cole Diamond says, “Canada is definitely the next biggest destination for crypto miners. In the next few months, we expect an overwhelming number of cryptocurrencies generated from this country.”
The process of cryptocurrency mining requires a great deal of electricity and cooling, which brings the miners from all around the world to gather in Canada. Canadian government provides green electricity a very cheap rate and the country is known for its perennial cold weather, which is very productive for cryptocurrency mining.
The government is friendly and ready to make it a host for miners across the globe
China was crowned as a home to cryptocurrency miners, but the recent crackdown on mining operations by the Chinese government left the miners homeless. Because of the favorable circumstances and support of Canadian government, miners are now moving to Canada.
Diamond says,” the number of miners who are moving to Canada shows their proclivity towards this country. The imposition of ban by Chinese government has led a large number of crypto miners to look for another location and Canada seems to be fit to the picture.”
The non-cooperation by the Chinese officials has also expedited this exodus, who is denying any extension on the current operations. The nationwide ban also involves initial coin offerings and curtailed the trading of the local crypto exchanges.
As a gesture of support, Canadian government has taken potential steps for making the crypto mining easy. In a move to strengthen blockchain technology, the federal government ordered trials for the smooth adaptation of technology and made clear that funding will not be frugal at any cost.
The Canadian thinktanks will use Catena blockchain suite, which is built on Ethereum ecosystem and will provide enough space to explore.
Canada can provide a solution to the energy problem
With the increasing number of miners, the consumption of energy is becoming a matter of worry. Crypto miners as well as entrepreneurs or established firms are allured by the huge margin of profits generated by the mining process. As a result mining firms are being constructed at a large scale leading to a massive amount of energy which is consumed.
Canada can be the solution to this problem, as it abounds in eco-friendly energy resources. One of the major green energy providers, Hydro Quebec provides lowest electricity rates in North America and many provinces of Canada. Spokesperson of Hydro Quebec says that it can easily avail energy to the crypto miners for the next few years.
By then, the miners will be able to make profits and afford higher prices of power, if that is needed.
Manitoba and Quebec are the primary targets for the crypto miners
In the year 2017, Hydro Quebec launched a campaign to attract cryptocurrency miners. The campaign succeeded with flying colors and managed to impress more than half of the miners across the globe.
Out of five biggest crypto miners, three or four are ready to set their foot in Quebec and Manitoba. Reportedly, Hydro Quebec representatives have attended more than 100 inquiries in last three months. A majority of these inquiries are from China, from miners to investors, everyone associated with cryptosphere seems willing to move to Canada.
The cold environment in these regions plays a major role in attracting the miners. As mining rigs generate a lot of heat, cooling equipments add a significant amount to the electricity bill. By reducing the cooling costs, Canada becomes a great reason for crypto miners to settle here.
Miner Edge will be based in Manitoba Canada and will be the biggest crypto mining unit in the world. We are grateful to the Canadian government for giving us this opportunity. Buoyed by the favorable conditions, Miner Edge is going to mine in multiple cryptos to maximize the chances of profits. We have already achieved the soft cap and moving further to accomplish our goal with a strong community which is growing bigger every day.
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