With Bitcoin popularity growing every day, Canada may well become the biggest hub for Bitcoin mining and invest. With the conducive environment and the majority of people increasingly gaining interest in cryptocurrencies, Canada could match and surpass China as the leading destination for Bitcoin mining. Here are the reasons why Canada is rapidly growing as a top destination for Bitcoin mining and investing:
The government of Canada is seriously supporting the Bitcoin revolution in the country
Canada is one of the fastest growing countries regarding technology. This is because the country’s president has taken a key role in ensuring rapid technology adoption. And Bitcoin is one of those technologies the Canadian government is taking seriously. In fact, there are more Bitcoin ATMs in Canada than any other country. As a result, many people in the country have indulged in the Bitcoin mining and trading business, which explains why many Bitcoin exchanges have mushroomed in the county.
The Chinese government crackdown on Bitcoin activities
China is the leading destination for Bitcoin mining. But the recent crackdown on cryptocurrency operations has seen many Chinese Bitcoin miners move to Canada to continue mining and trading Bitcoins. The Canadian government is welcoming these Chinese Bitcoin miners and investors, which is why Bitcoin mining rigs are mushrooming in the country.
Canada has the abundant eco-friendly energy to comfortably support Bitcoin mining
The abundance of ecofriendly energy in Canada is attracting many Bitcoin enthusiasts to set up mining rigs in the country. Canada has massive hydroelectric power resources, making it one of the cheapest destinations for electricity.
Colder temperatures in Canada are ideal for mining Bitcoins
Bitcoin mining rigs produce a lot of heat. And so, coolers temperatures are ideal for absorbing the heat. The cooler temperatures in Canada eradicate the cost of installing cooling systems, which can increase the cost of mining Bitcoins.
Stable Canadian government attracts many Bitcoins miners and traders
Canada is among the most stable governments around the world. Political stability makes it an attractive destination for any investor, including Bitcoins investors. Everyone wants to be assured that their investments will be safe until the end of time before they can invest their money. And Canada offers that kind of safety.
Canada has been lagging behind regarding internet penetration and technology adoption. But with a president who has taken a leading role in ensuring rapid adoption, Bitcoin mining in Canada is projected to be big in the next five years.