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Bitcoin Mining in North America: A New Gold Rush in the New World

The phones are ringing off the hooks at the New York offices of BitOoda, a financial services and brokerage firm that advises bitcoin mining companies and investors in the bitcoin space on investment strategies and risk management.Ryan Porter, head of business development at BitOoda, told Bitcoin Magazine that there’s lots of interest, including from Chinese companies and investors, in the new frontier of bitcoin mining in the U.S. and Canada. “We’re seeing potentially explosive growth in North America in bitcoin mining as the number of inquiries from both mining companies and investors in possible mining operations has picked up significantly in 2019. Some institutional investors who have been waiting on the sidelines are making mining their first foray into bitcoin and many view North America as their best option.”Porter also added that, in addition to its own bitcoin mining benefits, North America is becoming increasingly popular in relation to the world’s central hub for bitcoin mining.“With continuing regulatory uncertainty in China and relative stability here, along with plentiful inexpensive power, operators and investors are realizing that North America is a desirable option for bitcoin mining,” he said.Similarly, Jonathan Hamel, founder and president of Montreal-based Académie Bitcoin, and a close observer of the bitcoin mining sector, told Bitcoin Magazine:“I believe the reputational risk associated with bitcoin mining is slowly going away. For example, here in Canada, Bitfarms being publicly listed on the [Toronto Stock Exchange] and audited by Ernst & Young, brings a lot of credibility to the industry.”Bitcoin Mining in the New WorldLike the early pioneers, mining companies are turning to the New World, where they hope to find relative freedom from government interference and, in places, plentiful supplies of ready-to-use, cheap power, often in abandoned industrial sites.In areas like central Texas, there are local economic development officials wor...
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