Is Bitcoin mining profitable in Canada?

Is Bitcoin mining profitable in Canada?

From cryptocurrency startups to big bitcoin investors, Canadians of all ages are jumping on the bitcoin train. Canada may soon rank among the top cryptocurrency mining destinations in the world, but making money with Bitcoin is much more difficult today. The time of mining using a processor or a standard graphics card is over. As more and more people started mining, the difficulty of solving the puzzles increased. ASIC have been developed to process calculations faster and have become necessary to succeed in the mining sector today. These chips cost alot of money to produce and it is guaranteed that costs will increase with each upgrade and update as we require smaller and smaller chips. Hobby miners now have to compete with for-profit companies and their bigger, better machines when they mine for money. The Bitcoin protocol adjusts the difficulty of calculating puzzles to complete a block every 2016 blocks. The more computing power used for mining, the more difficult the puzzle is. In Canada, electricity is more expensive than in other parts of the world, making it even more difficult to compete with the money of big corporations. The rising costs of mining in an efficient way and the competition with the big mining farms made it difficult for the hobbyist to benefit from the mining of bitcoin. It is very difficult to mine enough bitcoins to recover the initial cost of your equipment, your electricity, your personnel and all your infrastructure. Consider that even giant Hut 8 released its third quarter earnings report, which shows a net loss of $ 8.7 million related to higher depreciation costs. In most cases, it is better to buy bitcoins rather than mine.

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