WHY CANADA IS POISED TO BECOME A PRIME DESTINATION FOR CRYPTO MINING .. ADVANTAGE MINER EDGE
Thursday, July 12, 2018 IST
CANADA GOVERNMENT IS SUPPORTIVE
The Canadian government has taken significant steps towards paving the road for a thriving cryptocurrency space. Most recently, the federal government launched a trial to explore the use of blockchain technology in making government research and grant funding more transparent. The trial will use the Catena Blockchain Suite, a product built on the Ethereum platform.
CANADA MIGHT BE ABLE TO SOLVE CRYPTO MINING ENERGY PROBLEMS
As cryptocurrency mining becomes more prevalent, mining operations increasingly use more energy.
“What’s happening is, with the increasing profitability more and more people start to mine and fight over the reward, and that’s when you ramp up mining facilities to make money. And that’s why the facilities grow, and the energy consumption grows,” explained Marco Marcovici, cryptocurrency expert,
Canada’s abundance of eco-friendly energy resources could play a huge role in attracting cryptocurrency miners to the area.
“You have a huge amount of cheap energy coming from hydropower. I’ve also been looking into it at a plant in Winnipeg,” said Marcovici.
For example, Hydro Quebec offers some of the lowest electricity rates in North America.
CANADA CLIMATE .. IT DOES NOT HURT TO BE SO COLD
Mining rigs generate a substantial amount of heat, meaning that colder temperatures are ideal for mining cryptocurrencies.
“Cooling is a big factor, it’s very important that it has the right cooling there or else you have to be able to equip a power plant in order to use the energy. That’s a big investment and you have to do it in the right spot,” said Marcovici.
Water helps to further reduce cooling costs, which is why Miner Edge decided to build their operation on hydropower. Colder temperatures coupled with Canada’s ample opportunities to utilize hydropower create an attractive combination for Crypto miners,
“Canada is fantastic. We are probably going to be the number one Crypto mining destination of the future.”
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