Canadian Bitcoin mining businesses grow due to the friendly reputation and a perfect climate for bitcoin mining which has been of huge benefit to the country’s profits. According to the coming altcoin news, Canada is among the most attractive country for crypto-related businesses because of low energy costs.
The low energy costs are the perfect climate for crypto mining operations. The founder and chief strategy officer for Bitfarms Emiliano Grodzki stated for the local media about the efforts to bring more provinces on board to help them boost the benefits from the mining operations. This includes the recently inked agreement with Quebec which brings benefits for both sides.
Bitfarms has top priorities and thus partners with local communities in Canada. It signed an electricity agreement with the Sherbrooke city council. The president of the company Pierre-LucQuimper stated to the latest cryptocurrency news:
“We have a long-term mentality. We want to be long-term partners.”
Quebec points out that purchasing electricity from a company Hydro-Quebec is also a plus for Canadian Bitcoin mining since when they start the operations, they buy enough of the electricity to cover the peak demand needs which often comes during the winter.
During the summer, the energy builds up and reaches a surplus. Sherbrooke’s municipal power utility has enforced municipalities to find other ways to make profits from the extra power. The downfall of the company is that it is possible they won’t be able to mine as much during the winter because the resident demand in Canada in those times is the greatest.
Bitfarms has been acquiring factories in Quebec that were abandoned by the manufacturing companies. For example, the company found a Tupperware plant in Cownsaville and an old carpet factory in Farnham. According to the latest cryptocurrency news, Bitfarms says its long-term goal is to expand the use of blockchain but it is also focusing on building its mining infrastructure.
The Quebec energy authority, Regie de L’energie asked the largest power provider to divide 300 megawatts of additional discounted energy for new bitcoin mining projects. Canadian bitcoin mining has been focused in Canada’s largest cities which is a huge step ahead since it was mainly focused in China. China’s hard stance on cryptocurrencies also influenced the profile rises in Canada.
Ghana’s Government Wipes Out Billions-Bitcoin Is The Solution
‘’It’s cutting across all the finance houses and when it happens like that the government needs to step in to build confidence again. There’s nothing we can do apart from making sure that we create that necessary environment to regain investors’ confidence again.’’Ghana’s government bailed out on the investors and the central bank targeted the savings companies that serviced them and many are already blaming that the government is at fault for not having adequate provisions to prevent such problems from happening. The financial crime and governance and regulatory expert Kwadwa Kusi Frimpong wrote:
‘’The issue Ghana faces is more about having adequate system and controls in place to ensure that there is no room for such things to happen.’’As noted in the latest cryptocurrency news, financial management should not be conducted through middlemen and bitcoin because the savings of hundreds of people could be wiped out in a matter of moments.
Overnight Pump Leads Bitcoin To Gains: Will They Sustain?
“$BTC: Feel this move may be short lived. Rising wedge on multiple time frames including 3hr RSI.”https://twitter.com/TheCryptomist/status/1163386603538173953 DonAlt also voiced his opinion in the latest cryptocurrency news and spoke about the overnight pump. As he said, he believes the current price region marks a "do or die" level for BTC which could set the tone for which direction it trends in the coming days and weeks.
“$BTC update: Somehow a mixture of well-respected level and chop. The daily and the 4h are at resistance. If those break I’d expect another leg up. It’s a bit of a do or die situation. I very much doubt any supports are going to hold another test,” he explained while referring to the charts below.https://twitter.com/CryptoDonAlt/status/1163417215435235328
Crypto Custodian BitGo Hires Xapo Vice President As New CRO
“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”The crypto custodian BitGo is one of the more stable companies out there - and Najarian's knowledge and skill set will definitely help the company. According to his LinkedIn profile, we can see that Pete Najarian has previously served as the global head of emerging markets sales at the Royal Bank of Scotland and has also been head of institutional client coverage - APAC at the financial services firm UBS (as well as other positions). Before this, the latest cryptocurrency news also showed that the crypto custodian BitGo has been expanding its presence to Japan this month - and is planning to substantially grow its Japan-based team. The expansion follows hiring a sales director for the Tokyo office of the firm. In May this year, the crypto custodian BitGo appointed a veteran Wall Street trader named Nick Carmi as its head of financial services - a hire which ostensibly intends to forge stronger connections between digital assets as well as the traditional financial sphere. Meanwhile, the latest Bitcoin and coming altcoin news show that there is a mix of greens and reds in the market, with the reds being more dominant as the crypto market suffered from another dump this Tuesday.
Bitcoin Skeptic Claims BTC Is “Not A Hedge For Anything”
“Bitcoin is literally the riskiest tradeable asset right now, and I wouldn’t even call it an asset. It is literally backed by nothing and based entirely on speculation. That’s why it is so volatile. It's a sucker's bet, not a hedge.”Butowsky also pointed out that no other chart could correlate (positively or negatively) to any other asset. Any expert who says otherwise, is "dead wrong" the Bitcoin skeptic claims. He even went on to point a video of an analyst saying that Bitcoin can be a good hedge, which can be seen on this YouTube link. And for those of you who think that Bitcoin is a perfect non-correlated asset to the stock market, the idea of the hedge is to offset risk. Bitcoin, with its current performance, only increases the overall risk in a portfolio.
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