As cryptocurrencies are making their way into every country and their exchanges. Miners are bound to find a well-suited place with abundant supply of energy and cold environment to generate more coins. Canada has emerged to be an apt place which fulfills both of these requirements. One of the giants in power suppliers, Hydro Quebec offers electricity in the entire Canada at the cheapest rate. In addition to that, Canada’s cold environment helps the high power computers to work in a non-erratic manner.
Mining is a process which generates crypto coins, it records, verifies and stores the transactions in a distributed ledger called blockchain. This process consumes a huge amount of energy and requires a cold place to keep the systems going without disruptions. The programmers or coders who take care of this process are called Miners. When mining was started, China happened to be the haven for all the cryptocurrency miners.
After the recent crackdown on cryptocurrency in China, all the miners are moving to Canada now. And there is one more reason behind this exodus to drift to China, the Canadian government is encouraging the miners to come to their country. Unlike the Chinese government, Canada has welcomed the prospect of mining crypto coins at a large scale, it is supporting entrepreneurs and startups to venture into mining.
According to the CEO of Coinsquare, Cole Diamond, “Canada is going to become home to all miners around the world”. He also states that, “there is a large amount of mining going to take place in next few months”.
Ensuing the recent move of miners, Canadian government is trying to facilitate cryptocurrency mining and blockchain development by taking innovative steps like launching trial for examining blockchains in conducting researches and rendering funds more transparent.
Marco Marcovici, cryptocurrency expert advisor of hydro-powered crypto-mining company, Hydro miner says,” As the cryptocurrency mining amplifies, the energy consumption will also be effected. We strategize to use the same coin in retrofitting the facilities which we mine and earn as reward points, that’s how we are going to fulfill the energy requirement.”
He also adds,” You need a cooler environment to setup a mining rig in, for they produce a significant amount of heat. Canada is a fairly cold place and it becomes a perfect destination for cryptocurrency miners”.
To sum it up, Canada is going to be a firmament for Cryptocurrency development companies. Given its abounding energy resources and cold environment, it will soon be a hub for miners. Along with cryptocurrency, it also brings about possibilities of developing the crypto-conducive softwares and technologies which will help them to evolve at a swifter pace.
