Why Would Alberta be a Good Location for Cryptocurrency Mining


Most of Canada’s oil is produced by Alberta, which made the province quite rich, allowing it to provide some of the highest incomes in the country. However, back in 2014, due to the fact that demand for oil declined, as the global oil production increased, the region was affected quite significantly. Thus, as time passed, oil and gas stopped being the main part of Alberta’s economy. So what if the province could now concentrate on a different type of industry, such as cryptocurrency mining?

Why would mining be a good idea for Alberta?

Cryptocurrency mining has taken over the world, making people enthusiastic as they mine for digital coins. Digital currencies provide security and we know that this is probably where the future is going: towards adopting a safe way of paying for things, one that does not require any bank or payment provider.

Now let’s see why Alberta could be a good place for cryptocurrency mining. Cryptography, which makes the usage of digital currencies possible and at the same time provides security, unfortunately requires incredibly huge amounts of power. So in order to have successful mining operations, cheap electricity, as well as a cold environment are both greatly needed. It just so happens that Alberta has both.

Are there any plans for the future?

A few years ago, maybe not so many people were into mining, but the numbers are definitely increasing. We still don’t know exactly how many miners are in this province, as cryptocurrency is still a pretty secretive business, but we will see for sure a change in the not so far future. We’ve even heard some news of Bitfury Group wishing to open what could be the biggest mining facility in North America. Bitfury Group is one of the biggest cryptocurrency mining companies in the whole world.

This is probably just the beginning. We might see Alberta become one of the main locations on the cryptocurrency mining map, but the region definitely needs to act fast and needs a lot of organization.


Related Posts