Bitcoin Mining Continues Expansion Throughout Canada
Canada is becoming a "hot spot" for Bitcoin Mining. Both Canadian Companies and Foreign Investors are getting in on the action.
In particular, provinces in Canada; Quebec and Manitoba have very cheap electricity costs and an abundant amount. This is even bringing players from the USA across the boarder to benefit from the cheaper electricity rates.
But there's more....
Canadian Oil and Gas companies are getting into the mix too. This is a stacked...."layered" play....where the value of adding on a Bitcoin Mining Operation is an added benefit....something that can be done without too much effort to increase profit revenues. Why this works so well is because the oil and gas companies generate so much energy with their basic operations as is - it's possible to channel a portion of the gas energy into electricity to feed the bitcoin mining network.
Essentially, some oil and gas companies in Canada are adding Bitcoin Mining to their network operations as an added resource generator...where it becomes a sort of "flip the switch" kind of operation...where based on other activities...the power committed to Bitcoin mining can be increased or decreased. It's really a point of these companies becoming more efficient in managing the resources at their disposal for best benefit of the company.
As support in China for Bitcoin Mining wavers in the wind - more players are contacting various titans of industry in Canada to discuss the particulars in setting up shop over here.
Might be worth your while to HODL a bit of Bitcoin for the Long Term.
Remember,
Every little Bit counts!
Source - Bitcoin Mining Electricity in Canada
CHEERS TO AN EXTRAPRDINARY 2018 - STEEM ON!
mining will continue to expand until coins or tokens completely ditch the system.
I feel that POW is an unfair system that benefit people that live in areas with a lower electricity cost. It also gives crypto a bad name because of all the fossile fuel we are using.
in my eyes POS or another kind of staking system is the best way forward for crypto
Thanks for your comment - you bring forth some interesting discussions.
DPOS is what steem uses...and it's also what EOS will be using. It's a hybrid model which is heavily based on POS with a small percentage of the mining being POW.
I've often had questions about the POW model for bitcoin and others....i'm not convinced that it is "bad" per se.
it might not be bad right now. however in the future when more and more people are using it for new coins. or large investors in bitcoin mining puts up a ton of big rigs we will feel it.
not in that more coins gets mined no. we will feel it because the media will be all over how much of energy waste the crypto space is. (they already started doing that) and as we do not strictly need POW I feel like we should move away from that system entirely (this is my opinion of course)
thank you for the reply :)
Canada is fantastic,soon Canada would become a central source
Great blog.thanks for sharing with us hope everyone will be like on this post.it's a knowlefgeable post to all.thank you.go ahead
excellent design..nice.
great post.thanks for sharing.
bitcoin will expand all over the world soon
wow!!! amazing post..thanks for sharing and i always with you.!!! take care
recently Iceland reported that it is short of electricity due to btc mining expanding rapidly there so canada seems to be leading
It is insane how much energy is used to mine Bitcoin. If they change the algorithm so much energy could be saved. Humans. ;-)