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Perfect Places For Bitcoin Mining Farm

Published: 03/10/2018
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Up-to-date Blockchain and cryptocurrency news. Be the first to know!

What is it for?

Do you know that the establishment of a bitcoin mining factory can literally save some regions? Bitcoin as a cryptocurrency is more than just a financial instrument now. The use of blockchain technology and the creation of mining farms can prevent some countries from economic decline. So let’s figure out in what territories bitcoin is a salvation.

 

Remote Areas

 

Rough climate, underdeveloped transport infrastructure, isolated locations — all these unfavorable conditions may turn into advantages when it comes to the organization of mining farms. Chinese people understand this and already use wide mountain areas of their country for this purpose. As a result, the best bitcoin mining pools are located there. Almost a year ago, the government of China banned exchanges, ICO and other activities related to crypto. And it can ban mining anytime. It means that another country will have a chance to lead this sphere.

 

This could be Russia, a country with a huge amount of unoccupied areas, such as Siberia, whose cold climate is perfect for mining. In late 2017, the deputy of the Russian State Duma Boris Chernyshev pointed out that sparsely populated Siberian areas are the best options for building bitcoin mining factories. The establishment of crypto mining towns will be profitable both for the country and for its residents. Mining farms will create new positions in the local job marketplace and allow people earning money.

 

However, there is no clear cryptocurrency regulation in Russia, so the creation of special areas for mining is just an idea for further consideration. For this reason, Russian miners should be cautious, just like Chinese miners. Even though the government of China banned crypto exchanges but not mining, miners carefully hide the geographical coordinates of their farms.

 

Ghost Towns

 

A ghost town is a special case of remote areas built around city-forming enterprises. Sometimes, such companies get bankrupt or just closed. As a result, citizens remain unemployed and leave the town.

 

This is exactly what happened with a small Canadian town of Ocean Falls. The life of the town was focused on the pulp and paper manufacturing in the 50s, its population even reached 5,000 inhabitants. Today, less than a hundred of people live there, the factory is closed. But there is a dam built to provide the town with electricity. It still produces 13 MW of electricity, and citizens spend only a quarter of this energy even in winter. Ocean Falls is located in an isolated place, you can get there only by water or by air. The nearest major city is Vancouver (300 km away).

 

Another advantage of the town (apart from the power station) is an ecologically friendly location. As far as we know, bitcoin mining needs a lot of electricity. That is why the Canadian businessman Kevin Day has decided to establish a bitcoin mining factory there.

 

Ocean Falls

 

Source: wikipedia.org

 

The Ocean Falls Blockchain company was founded in 2017. It intends to buy 6 MW of electricity produced by the dam. This amount of power is more than enough to start mining activity. At the same time, the new company may help to restore the economy of the town and provide employment to citizens. The initiative of Kevin Dey was positively received by local authorities because his company is almost the only enterprise in Ocean Falls.

 

Unrecognized And Partially Recognized States

 

Unrecognized and partially recognized states are territories that are not fully recognized by the UN countries. These regions do not have sovereignty, their borders are not always clearly defined and military conflicts are common there. In particular, unrecognized areas are in Moldova, Somalia, Ukraine. Partially recognized territories can be found in Northern Cyprus, Kosovo, Palestine.

 

An uncertain political status entails some economic consequences for such regions. As a rule, unrecognized countries don't have their own fiat currency and therefore use the currency of another state, which controls their territory or a part of the territory. These all leads to the economic dependence, so cryptocurrency invention can become a good alternative.

 

Bitcoin is now used for international financial transactions in the Gaza Strip (Palestine). A Palestinian financial analyst Ahmed Ismail estimated that there are at least 20 unofficial exchanges that work as intermediaries between the Palestinians and the rest of the financial world.

 

Source: wikipedia.org

 

For Palestinians, crypto wallets are an alternative to banks. There is a PayPal payment system, but it is available only for clients of the Bank of Palestine and is not an option for those who want to invest money in assets abroad.

 

The main problem with using cryptocurrency in unrecognized states is power interruptions. For bitcoin mining, electricity is a must. Another problem is possible exchange rate manipulations by dealers in periods of high volatility.

 

Bitcoin gave a lot of opportunities to residents of unrecognized states. Now they can make purchases online, buy stocks, sign deals, run businesses in their regions and beyond. At the same time, local governments cannot ban cryptocurrency as there is no cryptocurrency regulation whatsoever.

 

As far as we can see, the tactic of countries that try to ban cryptocurrency is completely wrong. The development of the crypto sphere is a source of economic growth. It is only necessary to wisely use opportunities offered by innovative technologies and get the maximum benefit from them.

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