Why Canada is becoming more attractive to bigger Crypto farms

Regardless of the problems the Chinese government has created in the miners crypto, they still manage to benefit from the euphoria of the world. According to a Bloomberg Intelligence study, Chinese battling miners will continue to gain profits even if the price drops by 50% of current levels.

High profitability is largely due to low electricity costs. Even in areas where electricity is most expensive, digging a Bitcoin costs $6,925. According to Bloomberg Energy Finance, China's electricity costs between $0.03 and $0.13 Kw/h. And if we take into account the initial Break Even Point investment, it costs about $3700. For comparison, the average cost per kilowatt in the US is $0.12 for home users and $0.06 for industrial customers.

To support the Bitcoin network only, enough power is needed to power 150 individual countries. Much of this energy is consumed by China, and 70% of the country's production comes from fossil fuels that are heavily polluting the environment. At first glance, just statistics ... But that greatly worries the miners of the Crypt because the government has decided to make China one of the cleanest air. Taking into account this and the political instability in the country, a large proportion of Chinese miners head to Canada, where the cost of electricity costs only about $2.50, and much of the production comes from hydroelectric and nuclear power plants, technologies greener green than TPP in China. The cool climate in Quebec also reduces the cost of mining equipment that needs to be cooled by air conditioning or other types of ventilation systems.

In any case, the crypt mining industry in the world is still profitable enough and there is no risk of collapse due to a sudden cessation of mining in China. However, the difficult Bitcoin extraction process should lead to significant allocation of large Crypto farms.

Source: Finance Magnates

Jr Trader Petar Milanov

Finance Magnates: Even if Bitcoin Fell 50%, Chinese Miners Would Still Profit

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