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Cryptocurrency Mining valued more than Gold mining in Canada

Jake Hill
Jake Hill

The Canadian company MX Gold Corp has been changing their business model to cryptocurrency mining for several months. As an alternative to gold mining in the past, since January of this year, they have now been mining twelve additional Bitcoin in a project. However, that was obviously only the beginning.

The Canadian gold mining company gets into the cryptocurrency mining business. In November of last year, several hundred units of the Avalon Miner 741 had been purchased to mine Bitcoin. The company’s own mining equipment was sold with a purpose to procure 2,000 additional mining equipment from the mining profits.

The CEO of MX Gold, Dan Omeniuk, sees the project as profitable. Low consumption energy and operating prices on the Manitoba plant resulted in higher earnings of cryptocurrency mining than gold mining. Omeniuk believes that shifting the business model from gold mining to cryptocurrency mining will give the company greater progress and higher returns for its shareholders.

Cryptocurrency mining more successful than trading

The study confirms the research by Danny Huang of the University of San Diego. In the spring of 2018, Huang and his research group discovered that it was more profitable to mine cryptocurrencies than to trade them. The researchers have investigated the profit achieved in trading and mining of 18 totally different Altcoins. With the price fluctuations of cryptocurrencies, the risk in trade and mines is identical, Huang. In any other case, the miners are clearly within the benefit.

For the manufacturers of the mining equipment, this is definitely excellent news. The more companies want new equipment, the higher their sales will be. Currently, particularly Asian mining manufacturers such as Bitmain benefit from this trend.

The desire new equipment for a mining enthusiast needs to be planned well before ordering a miner. Mining and trading both carry their own risks. Then again, Mining requires a great location with low electricity costs, also the mining equipment is just not forever usable and has to be upgraded with new components eventually. The maintenance of the equipment and the overall costs need to be evaluated before planning to buy a new equipment for cryptocurrency mining. If you really want to know to efficiently mine bitcoin check out the article “How to do bitcoin mining efficiently” it will help you out.

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Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com