Canada is welcoming of blockchain technology. Whether this be on the part of the public, or the government. The northern nation has not only accepted blockchain, but has played an active role in producing some of the industry’s biggest influencers.
Companies have recognized this, and are actively looking to position themselves, and their operations, within the country. One sector that has seen growth due to blockchain recently, is that of crypto-mining.
In a recent press release, mining outfit, Bitfarms, has indicated that they have filed a ‘preliminary prospectus within Canada. This filing will allow for Bitfarms to gauge investor interest, while remaining compliant with security laws within Ontario.
Bitfarms operates 4 mining farms out of Quebec, with headquarters in Toronto. The mining farms work to earn a variety of cryptocurrencies.
- Bitcoin Cash
These farms have been active since 2013, and represent 200 Ph/s of processing power. Future plans include bringing their 27.5 MW capacity up to 162.5 MW.
Speaking on the possibility of this occurring was Bitfarms CEO, Wes Fulford. He stated, “We are currently evaluating a listing in Canada as we endeavour to grow Bitfarms’ visibility, improve our access to capital and streamline expenses…Our analysis suggests that Canada has one of the most active public markets in our emerging industry, with several blockchain infrastructure and cryptocurrency mining companies having listed and raised significant capital over the last twelve months.”
Home to Mining
Although the industry is still in its infancy, there are already more than 10 large mining outfits operating within Canadian borders. One of the largest and most productive is Hut 8. Located in Alberta, we have spoken on the development of Hut 8 before.
A hospitable government, appropriate environment, and a tech-savvy population, Canada is the perfect location for fostering the development of industries like crypto-mining. Bitfarms has recognized it, and it is only a matter of time before countless others do as well.
This Bitfarms development comes at a time when other international mining outfits have shown hesitancy towards filing an IPO. With the state of the market, there is great uncertainty as to the future of crypto. While there are many that believe the current slump will be viewed as nothing more than a hiccup in the future, it is having real ramifications now. Most notably, it is believed that mining outfit, Canaan, will be retracting their potential IPO due to these uncertainties.
Market enthusiasts will be watching the actions of BitMain, and their planned IPO. While Bitfarms and Canaan are large, Bitmain remains the biggest player in the industry.
*the preliminary prospectus filing, along with other company information, can be viewed HERE*