Kenyan Government Creates Blockchain Task Force to Modernize Infrastructure

Kenya’s President Uhuru Kenyatta has ordered the Ministry of Information and Communication Technology (ICT) to a create a task force that will focus on how the country can leverage blockchain technology and the Internet of Things (IoT). Kenya is the most recent African country to publicly support blockchain and associated technologies. The use of cryptocurrencies on the continent has been increasing exponentially — in particular for those who don’t have access to the traditional banking systems.

Speaking at Africa’s Digital Symposium, Kenyatta said technologies such as blockchain will be a major driver for delivering his “Big Four” priorities — manufacturing, affordable housing, universal healthcare, and a food security plan — for growing the country’s economy. The digital revolution will help Kenya achieve the plan and ensure that growth transforms the lives of the people, he said.

“Digital technology will also support efforts to increase food security by playing a key role in agricultural value chains through better access to inputs, more reliable weather and crop information, tracking of counterfeit inputs, more transparent access to markets, and fair pricing,” Kenyatta said. “Digital technology also underpins a range of agro-financing services that are essential for equipping smallholder farmers across the country.”

The move is expected to create jobs and spur Kenya’s manufacturing sector from 9% to 15% of Gross Domestic Product. The 11 member team on Distributed Ledgers and Artificial Intelligence will be chaired by former permanent secretary Bitange Ndemo, and will recommend various technologies for use in solving Kenya’s intermediate problems.

Kenyatta said the task force will, more generally, study the benefits and challenges associated with blockchain and IoT: “We need to better understand the opportunities for blockchain technology, the risks of cybersecurity, and the essential education and skills that our young people will need to make new technology work for them,” he said.


The Government’s Distributed Ledgers and Artificial Intelligence team is working on a blockchain database aimed at weeding out fake title deeds from the land registry. Known as the single source of truth (SSOT), the database will be the primary reference for all land transactions. ICT Cabinet Secretary Joe Mucheru said SSOT would ride on blockchain technology, so if land changes hands, that change of ownership is underwritten by all the institutions in the system. 

“At the moment, there are people who come up with fake title deeds and all manner of things. We need to create a single source of truth, which we are already working on as a government,” Mucheru said.

The SSOT would also extend to verifying ownership of other documents, including birth certificates, driving licenses, and marriage certificates. These applications should go a long way in creating efficiency and transparency — which are critical components of President Uhuru Kenyatta’s “Big Four” agenda.

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Ever the Bitcoin bull, Fundstrat’s Tommy Lee has today predicted a full recovery and then some in the cryptocurrency market within 2018. He cites crypto-related announcements from various international companies as contributing to the restoration of lost confidence.

Rakuten, Starbucks, Facebook, and Amazon Thought to be Looking Towards Crypto

Lee, the co-founder of Fundstrat Global Advisors, maintains his earlier price prediction of $20,000 by mid-2018 and $25,000 by the end of the year. In a report issued today, the strategist cited the increasing interest of various companies in blockchain and cryptocurrency. It read:

“The announcement by Rakuten is another example of positive developments in crypto in 2018, suggesting the large sell-off in bitcoin and others at the start of the year was an overshoot to the downside.”

Rakuten is a large Japanese e-commerce platform. According to a CNBC report, the company are planning to launch their own cryptocurrency called “Rakuten Coin”.

In addition, Lee mentions three other large corporations that are considering entering the space. For him, this, combined with the fact that institutional money is yet to arrive into cryptocurrency, will surely drive prices up:

“In 2018, we forecast at least 3 major publicly-traded corporations to issue native digital tokens… Already three major companies have announced efforts within crypto-currencies, which demonstrate that corporations may be moving towards crypto-currencies before Wall Street has embraced them.”

One of the companies that Lee refers to is the Japanese messaging service LINE. They announced earlier this year that they’d be launching their own exchange service focusing on digital currencies. This would be known as LINE Financial.

Starbucks is also considering how blockchain and cryptocurrency technology could be beneficial to their business model. Howard Schultz, their executive chairman, stated on Tuesday:

“I think blockchain technology is probably the rails in which an integrated app at Starbucks will be sitting on top of.”

Lee also speculated on some even bigger companies making moves within the space. In his Wednesday report, he mentioned both Amazon and Facebook. Referring to the later, the Fundstrat strategist wrote:

“Facebook, we believe, likely announces a crypto-strategy this year.”

Lee is amongst those who are speculating that the social media giant may be preparing an initial coin offering of their own. This would flip the traditional funding model on its head, rewarding individual users instead of just accredited investors backing the company.

Whilst the mention Lee makes to Facebook is currently based on little more than speculation, the CEO of the social media company did hint that they’d be investigating how cryptocurrency could benefit his platform in an online post this January.

Today’s report is far from the first time that Tom Lee has expressed optimism for the future of the cryptocurrency space. The Fundstrat founder and strategist stated in July last year he believed a target of $55,000 per Bitcoin was achievable by 2022. This would represent an increase of over 5x today’s prices.

This week, the Texas State Securities Board (TSSB) issued another cease-and-desist order: This time to a “company” called LeadInvest. The agency contends that LeadInvest fabricated its management team and illegally solicited investors for a cryptocurrency mining operation and lending program.

On February 26th 2018, the Securities Commissioner of the State of Texas, Travis J. Iles, signed and entered an emergency cease-and-desist order to LeadInvest, a suspicious cryptocurrency company with ties to Panama. At of today, the company’s website — — redirects to It’s unclear whether the companies are affiliated in any way.

According to the order, the TSSB found the LeadInvest team to be fictitious: From advisors, to smart contract designers, to compliance attorneys. Headshots of supposed team members were taken from other websites (inducing stock-image websites) and names were changed. In most cases, the TSSB redacted the names of the actual people whose likenesses were misused.

LeadInvest also invented the McAllison Law Firm, using an image of members from a real law firm based in California. Further, the LeadInvest website highlighted its “CodeofEthics [sic] Association,” but the photograph apparently showing its members actually depicts Supreme Court Justice Ruth Bader Ginsburg gathered with other U.S. government figures, including Deputy Solicitor General Maureen Mahoney and former Solicitor General Theodore Olson.

The TSSB has a problem, though: Because of all these fictitious employees, the cease-and-desist order does not mention a specific person or group actually responsible for LeadInvest’s activities, which raises questions about the order’s enforceability.

According to the TSSB, LeadInvest offered a mining and fiat currency lending program. The website claimed that investors could expect crazy-high returns on their investments, and that the operation had already created more than 190,000 accounts and raised more than $177 million.

LeadInvest told investors that it intended to be fully compliant with relevant laws and regulations of the Cayman Islands, but the TSSB called this statement “materially misleading or otherwise likely to deceive the public.” Since the company was soliciting investors located in Texas, the Securities Board wrote that LeadInvest must, in turn, comply with the Texas Securities Act.

Ultimately, the TSSB concluded that the LeadInvest mining program and the LeadInvest fiat currency lending program are “securities,” as defined by Section 4.A of the Securities Act. The agency found that LeadInvest is violating section 7 and section 12 of the act, and is “engaging in fraud in connection with the offer for sale of securities.” The TSSB also asserted that the enterprise’s conduct threatens “immediate and irreparable public harm” — justifying the issuance of the emergency cease-and-desist order.

This instance is the state’s fifth crypto-related emergency cease-and-desist order. Earlier this month, DavorCoin was in the agency’s crosshairs. The TSSB alleged the company had been issuing unregistered securities with fraudulent and misleading information designed to lure and dupe investors. Sounds familiar, right? 

The next era of blockchain development is rolling out, with features like smart contracts and faster transactions making crypto much more than just a means of exchange. These simple features are making a lot of new business models possible. Smart contracts make many classes of transactions almost completely automated, removing any need for central servers and processing. This, in turn, removes the problems associated with centralization like central points of failure.

So automation and ledger technology make things more convenient and less risky. In almost every industry new tokens are being developed to bring these benefits to customers. In the hotel and accommodation space, Concierge is hoping to bring easy and secure transactions to the experience of booking and staying in hotels.

Same old centralization

Despite the progress of platforms like Airbnb that have opened up the range of offerings and even allowing easier comparison, booking hotels remain quite inefficient. It still involves a central actor moderating and running the marketplace transactions. Assuming the central system are even reliable (while still being prone to hacks), needing to run transactions through a central business process will always result in a delay. Credit cards and bank transfers take time.

Add to this the need for central oversight to remove and investigate fraud and you end up with a situation where the whole customer experience is slower, more expensive, and less secure than using a smart contract.

Ledgerising the hotel industry

The Concierge platform is almost simple in its functioning. It has a decentralized on chain marketplace which allows users to easily add their available rooms, and when a user enters the agreement with the service provider this is all backed up by smart contract and underpinned by the CGE token.

Automated transactions like these using a cryptographically backed currency presents a different league of speed and ease of use compared to centralized options like PayPal or credit cards.

Reviews, feedback, and disputes are all easier and more transparently handled because of the traceability of blockchain technology. This, in turn, makes for a more transparent and healthy marketplace.

These benefits will also extend to the other services offered on the platform: guided tours and similar activities. Reliable feedback is key to a good marketplace for these kinds of services (just consider the proliferation of fake reviews on sites like TripAdvisor), so it seems that this aspect of Concierge’s design could go a long way to improving the industry.

Platform design

In order to realize the efficiencies that blockchain can bring to the hospitality industry, the speed of transactions needs to be as rapid as possible. For this reason, the Concierge team have opted to use the NEO protocol to build their platform, which aims to have fewer issues in sending and confirming transactions.

The CGE token is based on this protocol and is on sale in the ICO from the end of March.

Artificial intelligence (AI) could become a driving factor in what the future holds for global economic growth. As a new production factor, AI can change how work is performed and reinforced, introducing new sources and changing the way humans are perceived in driving business growth.

Accenture reported that AI could double yearly economic growth by 2035, and change how work is conducted by fostering new relationships between people and machines. AI’s impact on emerging technologies in developed economies may increase labor productivity by nearly 40%.

AI production cycle on Blockchain

A new Ethereum-based project, Dbrain, has developed a tool that makes data labeling for AI easier. At the heart of AI development, human effort on data preparation takes more than 80% of data scientists’ time. Dbrain provides a simple tool that streamlines this process. The end goal is to democratize AI, making it accessible to everyone.

Dbrain links all parties involved in the process of AI app development. Crowdworkers do simple tasks on image labeling and data validation. They get paid instantly with Dbraincoins crypto and can withdraw their earnings anytime. By labeling data more efficiently, data scientists can leverage the datasets and turn them into pioneering AI solutions. On Dbrain, businesses are at liberty to choose from existing solutions or request new ones from developers on the platform.

The mission is to prepare a Blockchain-based product that addresses the main pain points in the AI industry. CEO of Dbrain, Dmitry Matskevich, talked about some of the challenges involved in creating solutions based on AI, highlighting that “While creating our previous AI solutions, we tried to solve the problem of combining privacy and high-quality data mapping in different ways: mturk, dedicated data mapping farms in India and in-house specialists. The first two cases required us to transfer our data to the third parties, while the latter lacked speed: we simply couldn’t afford hiring 100 data mappers in-house.”

To address the concerns and ease the process, the benefits of Blockchain technology are proven to fit into the project’s core objectives. Based on Ethereum, Dbrain uses in-house protocols to tackle main challenges in AI adoption and development, like dataset quality, infrastructure costs, trust, and security.

By integrating an AI production cycle into one product, Dbrain combines data labeling functionality to ensure data security, create custom-made models, and validate results rewarding labelers and AI developers with cryptocurrency.

A proven business model with bold plans for the future

By bringing all parties involved in the making of AI solutions on a single platform, Dbrain may develop a win-win situation for the AI marketplace as a whole. Companies of all sizes could spend less by reducing data labeling costs, whereas crowdworkers are paid in crypto without being compelled to have a bank account.

Empowering the 2 billion people around the world who do not have a bank account is yet another Dbrain objective for the future. The new project aims to give people a chance at better living standards, as well as partake in the making of a global cross-border financial system powered by Blockchain. Although in its early development stages, Dbrain has already released an alpha version of the platform and proven its business model by closing partnerships with companies in different industries like fintech, IoT, software, travel, and e-commerce.  

The project’s team and advisory board are experienced in AI, business development, and scalable computing solutions. Prior to Dbrain, the team launched several AI solutions, including Icon8, an AI chatbot that applies an artistic style to any submitted picture and returns the result almost immediately. With more than 7.5 million users and tens of millions of images processed, it was ranked the #1 chatbot on Telegram and received a grant personally from Telegram CEO Pavel Durov.

Mohammed and Fred, two residents in the United Arab Emirates (UAE), are two cryptocurrency ‘noobs’ that invested in late 2017, unaware the rally would fade all too quickly.

The Tale of Two UAE Bitcoin Investors

Cryptocurrencies aren’t new. Wikileaks accepts bitcoin donations since 2011, but it only took the world by surprise in 2017 as the surge in news coverage followed the surge in price and market cap, and vice-versa.
Enter Mohammed and Fred, two residents in the United Arab Emirates (UAE). Marvelled with the never-ending rally, these two cryptocurrency newbies, like many others alike, joined the club and invested in late 2017.
Mohammed, a 30-year old trader from Pakistan, risked $10,000 in December after Chicago’s CME Group launched its Bitcoin futures contract: “I knew that would give the currency respectability and there would be a flood of people buying for fear of missing out. It was a chance to make some money but what I made, I then lost. It was fun but I will never go near that stuff again”, he told UAE-based news agency The National.
Mohammed, who declined to give his full name, continued: “I invested $10,000, made 30 percent and sold a week later. Then I put the whole $13,000 in again a few days later.” This time, however, things didn’t work out well. The rally in the Bitcoin price quickly turned into a nightmare for the ‘noob’ as the price started plummeting in January. He took the money out and lost his 30 percent profit.
Fred, a 40-year old British communications executive living in Dubai, has a similar story and, like Mohammed, did not reveal his full name. This quest for privacy has been quite frequent as many other crypto investors approached by UAE-based The National refused to discuss their portfolios or did not want to share their full details: “It’s not that I’m ashamed. It’s just that I’d rather keep it as my little investment secret”, said one Abu Dhabi-based Bitcoin investor
Fred invested $900 in Bitcoin in early November after hesitating to do so about six months ago due to the cryptocurrency’s “poor reputation”. Gradually, he built up his Bitcoin holding to about $4,000, which was worth about a third of its current price.
“I was very skeptical about the links with purchasing on the dark web and the lack of security with a central bank. But the more I read up on Bitcoin, blockchain and other cryptocurrencies, I realized it was more likely to have an impact in the future of business and offered a genuine and secure opportunity for peer-to-peer lending without the need for expensive fees or currency transfer rates”, said Fred, 40-year old British communications executive living in Dubai.
“When it spiked to $20,000 briefly, I thought about selling. Then it started to crash so I sold some at $15,000, with the profits paying for Christmas, he continued. “It was a bit scary when it went as low as $5,000. There isn’t much history of cryptos to go on, but what there is suggests January usually sees a crash/correction and then a recovery, which is what’s happening now. I bought some more when it rose back to Dh8,000 so I’ve got about a third of a coin.”
Fred added: “Bitcoin is not far off returning to a price that will give me a profit again. It isn’t for the faint-hearted but I’ve got a clear figure in mind for its value when I exit. It’s a fun ride, but I’m aware it could all disappear overnight.”
Despite the stressful period of the January lows, Fred is still invested in Bitcoin as well as in Ripple, after a tip from his brother-in-law.

Blockchain has transformed a number of industries, one, in particular, is the fintech arena. However, one area that remains largely unexplored is the world of humanitarian aid. In reality, blockchain is perfectly suited for this, as it allows users to create and spread information across a large network of computers, which in itself lends to transparency and security. All very critical factors when dealing with a war-ravaged or hunger-stricken country. Deploying such technology would also help fight corruption, allow for better record management of where food aid is directed, and also fight counterfeit activities.

These are all about to become a reality as the creators of Go Help Fund have designed the solution which may transform the way funds are raised and donated worldwide. It is truly the case of using technology to make the world a better place. Go Help Fund provides a faster and smarter way to donate and raise funds – time is of the essence when you are trying to provide aid, irrespective of whether it is a war region or an epicenter of a natural disaster.  Go Help Fund is the only platform to bring together the NGOs, individuals, supporters and donors. It connects various parties via blockchain technology-based platform, thereby allowing traditional independent parties to work together to streamline and integrate processes, while also controlling access to sensitive data policies, rather than relying on traditional payment methods.

The team at Go Help Fund went one step further and combined the power of blockchain and smart contracts with Machine Learning and Artificial Intelligence features – Advanced Distributed Edge Network (A.D.E.N.). CAP-edge solution, which will be deployed on Go Help Fund platform as the backbone layer of A.D.E.N., will make it possible for distributed data to simultaneously provide Consistency, Availability and Partition tolerance.

Go Help Fund accepts cryptocurrency donations by using the HELP token for all transactions on the network. The HELP token is a primary currency based on the ERC20 Token Standard that will be used on the platform with an expected $ 1 billion market penetration in the following three years. 50 million HELP tokens were recently created based on Ethereum Smart Contract. The conversion rate will be 5,000 HELP = 1 ETH. The token sale event will begin on February 24, 2018, and end on March 24, 2018. Coins supported for contribution: Bitcoin(BTC), Ethereum(ETH), BitcoinCash(BCH), Litecoin(LTC), Ripple(XRP), Monero(XMR), BinanceCoin(BNB), Dash(DASH).

On a separate note, Go Help Fund anticipates a complete migration from Ethereum Network to its own Blockchain in October 2018. This will allow the implementation of various features, such as entity master nodes and wallet application. Entity Master nodes will be the main contributor to the growth of the coin, generating constant demand for HELP tokens. According to the development plan, Go Help Fund will be officially launched in December 2018.

It is very rare to see technology used in such a direct way to help those in need and Go Help Fund has a great potential to make a profound difference in the way the international community respond to violations of international law and human rights. Go Help Fund – making our world a better place to live.

Europol and London’s Met Police are on to Monero, Zcash, and Dash, as the top cryptocurrencies for cybercrime, but there is not much they can do.

Anonymous Cryptocurrencies Problematic for Europol

As crime linked to cryptocurrency takes an increasingly high profile, police cryptocurrency experts are struggling with the cryptography behind a few of the digital coins on the market. Three of them to be precise: Monero, Zcash, and Dash. These three cryptocurrencies have extra privacy features that keep law enforcement agencies from learning vital information needed to catch criminals.

Cryptocurrency exchanges that deal in these currencies are also, unsurprisingly, less likely to cooperate with law enforcement. Detective Inspector Tim Court of London’s Metropolitan Police said that these trading platforms actively resist efforts by police to acquire information from them.

All three altcoins are designed to obscure sender, recipient and amount of transactions made. Bitcoin, on the other hand, has fewer privacy features than some criminals would imagine. According to Tom Robinson, the co-founder of cryptocurrency analysis firm Elliptic, “the vast majority of illicit activity in cryptocurrencies is still taking place in bitcoin, because of its ease of exchange and more advanced infrastructure.”

However, bitcoin exchanges are increasingly mainstream when it comes to legal requirements such as KYC, including ID and proof of address. Moreover, authorities are developing expertise in tracking cryptocurrency transactions in bitcoin. Jarek Jacubcheck, a cybercrime analyst at Europol, told Business Insider that many criminals think they are being sneaky by using bitcoin, but they are actually creating more paper trail.

But the new trend is to switch to these three altcoins: “We can see a quite obvious and distinct shift from bitcoin to cryptocurrencies that can provide a higher level of privacy. So basically, you can achieve a higher level of privacy using these ‘altcoins’, and these altcoins are either using stealth as the basis, like Monero. There are also coins like Dash that do not have stealth addresses, they have transparent addresses, but they have a mixing process that is part of the protocol”, Jacubcheck.

He added that criminal organizations use multiple exchanges and multiple currencies. By mixing their virtual coins using a ‘tumbler service’, criminals make it even harder to trace the source of the money.

In 2017, Europol stated in its Internet Organised Crime Threat Assessment (IOCTA), that Monero, Ethereum, and Zcash were gaining popularity within the digital underground. Today, the European Union Agency for Law Enforcement Cooperation doesn’t seem worried about ETH as much and Dash gained a seat in the top 3.

“The manufacturing industry is focused on big players… this prevents independent buyers, startups and small to medium-sized businesses from participating. We are solving this problem.”

 — SyncFab’s CEO Jeremy Goodwin.

SyncFab has been in business since 2013 and since then partnered with the cities of San Francisco, San Leandro, and Oakland as part of their civic innovation Startup program, which is recognized by the Department of Energy and Commerce at the White House.

SyncFab has introduced a blockchain based smart contract and token system into their existing manufacturing and bid platform, which will simplify the entire manufacturing process right from setting up the bid, to selecting the manufacturer based on previous reviews, to final product delivery and payments.

The company’s sale of MFG Utility tokens – which is currently ongoing – will power the SyncFab system that will allow manufacturers to list their machining capabilities straight to the platform and hardware buyers can send part orders directly to the manufacturers. Smart contracts will guarantee production standards, protect intellectual property and secure payments.

The digital marketplace connecting bidders and manufacturers is rapidly growing and is predicted to grow to $15 trillion by 2030, as per a report by Accenture Technology.  Goodwin believes that “the world is at the brink of the 4th Industrial revolution and with technological disruption caused by blockchain and the Internet of Things, it only makes sense for a platform like SyncFab to revolutionize a typically slow moving, manual, insecure and paper based process to a more secure, digital, automated and fast-moving network that can be operated globally on a single efficient platform that brings order to chaos in manufacturing procurement process”.

The current system is scattered amongst multiple systems and processes, that rely on manual methods of outreach, procurement, bidding, shipping and tracking. SyncFab enables procurement departments to automate and streamline their processes using a single platform. The biggest problem that SyncFab will solve is that, in the status quo of manufacturing procurement, manufacturers have little time or incentive to quote for a vast number of orders. They are not compensated for it but must do it anyway; as a result, the entire process can be slow and face long delays, if an order is quoted at all.

Manufacturers do not bother with smaller orders as there is too much work involved and little reward. With SyncFab, the process is quick and efficient, and manufacturers are compensated for participation, whether they win the bid or not. Bidders can move quickly, selecting manufacturers, placing orders. On the manufacturer’s side they make better use of their idle capacity and get rewarded for their time taking care of smaller orders. SyncFab hence delivers a win-win solution for both parties.

With the use of MFG Tokens, SyncFab will be able to save their customers even more time by rewarding blue-collar workers for their time quoting orders, encouraging faster quotes from reputable manufacturers for buyers to choose from, in-turn speeding up the procurement process. On the manufacturer’s side SyncFab’s all-in-one platform will allow manufacturers to reduce wasted time and take on a higher volume of orders to maximize idle capacity and increase revenue.


At first, the MFG tokens will be utilized on the existing web 2.0 platform to incentivize manufacturers for traditionally uncompensated time of putting together quotes and make manufacturers more responsive to time-sensitive production deadlines. Enticed by a reward for timely quotes, manufacturers are expected to respond more quickly. The token incentives will increase and diversify a large pool of manufacturers, from whom a purchaser can make a choice. Manufacturers will be able to provide bidders with promos and marketing incentives in order to retain their customers.

On the Web 3.0 blockchain platform the company sees the potential for the MFG Token to replace traditional forms of payment for manufacturing orders in the system, in an instant secure transaction. There is also potential for payments to be made to designers, engineers and consultants who help the ecosystem and its partner blockchain networks flourish. A national government blockchain would likely be closed off, centralized and less likely to be adopted by other countries.

SyncFab is a global decentralized peer-to-peer network that can be used across borders allowing anyone to get hardware manufactured anywhere in the world securely, quickly and easily. As IP is secured on a decentralized blockchain, one does not have to worry about a single government having access to and profiting off ones’ intellectual property. There’s no reason these private and singular government initiatives can’t tap into and utilize the strength and capacity of the SyncFab network of manufacturers and buyers in the future.

Note: This article is written by Abhibroto Roy on behalf of SyncFab

Cryptocurrency mining is a very difficult yet potentially profitable business model. Without meeting certain conditions, it is almost possible to break even, let alone make a profit. It seems Canada is slowly becoming a major hub for cryptocurrency mining operations as of right now. The cold climate and cheap electricity make it a very attractive venue.

Canada Matters to Cryptocurrency Miners

Two of the main conditions to run a profitable Bitcoin mining business is cheap electricity and a preferably cold climate. Canada is certainly known for the latter, but it also provides the former. Unlike most other countries, Canada has a relative abundance of cheap electricity as of right now. As this energy is not used, it makes sense for Bitcoin mining operators to explore new opportunities in this country.

Several regions across the country are of great interest right now. Quebec, Manitoba, and British Columbia have all seen an increase in attention from Bitcoin mining firms. Setting up shop in Canada is not all that easy, though. While nothing prevents companies from doing so, inroads have to be made with the local community as well.

Even though Bitcoin remains incredibly volatile, its appeal has not diminished. Several firms think they can operate a profitable mining business under the right conditions. DMG Blockchain Solutions is currently in the process of setting up a new mine altogether. It seems they are confident they will make a healthy profit in the coming months and years. If the current Bitcoin price is any indicator, that may prove to be rather difficult.

Creating New Jobs at the Cost of Electricity

To a lot of people, Bitcoin mining seems like a monumental waste of electricity. The carbon footprint of these ventures should not be underestimated. At the same time, it is this “waste” can help create new jobs. Most professional mining operations employ a dozen people or more. In this regard, Bitcoin mining creates jobs by using an abundant resource in the process.

Electricity in Canada is relatively cheap, but not everywhere. Winnipeg, Montreal, and Calgary are all pretty cheap. Moving to Vancouver and Edmonton is a bit more expensive, but still acceptable. Toronto is even more expensive than New York, yet some firms prefer to set up shop in this part of Canada. It will be interesting to see how the rising electricity consumption affects all of these regions in the country. As long as the power grid can handle the throughput, there is nothing to worry about just yet.

In a way, mining Bitcoin in Canada is a logical evolution. Some companies even experiment with this option to use their company’s byproducts accordingly. Any gas or oil produced as a byproduct can effectively be used to fuel Bitcoin mining operations. It is evident all of these ventures will attract even more international attention moving forward. Canada is quickly becoming a powerhouse for Bitcoin mining, which can only be considered to be a good thing for the nation and the industry.