Canada Have Huge Opportunity Because Of China Crackdown On Mining Ban

According to Khurram Shroff, Mining ban in China is the biggest opportunity for the rest of the world , especially for Canada. 

As all of us know very well how China’s Government banned Cryptocurrency mining and after that they declared a crypto trading ban.

That decision of chinese government resulted in a big crash for the Cryptocurrency market. 

Related: China Moving Toward national Crypto Mining Ban

As there were many mining firms in China who were only dependent on the revenue that they were getting from mining operations.

Now those firms are moving from China slowly slowly. Mining firms most likely moving in Canada, Kazakhstan, Iran, North America, U.S , Iceland.

In this situation, Khurram Shroff, CEO of a mining firm stated that it is going to be the biggest opportunity for those countries which can understand this situation.

“A shift of crypto mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the nation is already ahead of the curve, in terms of mainstreaming cryptocurrencies.”

In the present time these mining firms are not targeting their move to shift their business in one country. They are distributed in multiple countries.

According to mining firms owners opinion, Canada is best market for Miners to run their mining operations because all the situations which are necessary for mining is needed are more favorable then in any condition, so Canada will surely take advantage of it.

However many crypto experts agree with the statement of ” positive impact of the mining ban by China ”. Because when mining was legally allowed in China then Crypto market was not fully decentralised because the mining hash power was in control of those mining Firms which were situated in China. 

According to historical reports, more than 50% of mining hash power was coming from China.

So now it is a good thing that mining firms will distribute their business throughout the whole world.

Mike Novogratz from Galaxy Digital saw “ a big net positive” for the future of Bitcoin in the long term.

And also Bradon Arvanaghi , former Gemini Security Engineer, stated a very positive statement

” The crackdown means that Bitcoin is working, not that it’s falling.

Read also: Shinhan Bank Partners With Clayton’s Blockchain Governance Council