The Bitbuy Brief: Alberta Could Become A BTC Mining Hub

Issue 149: Alberta Could Become A BTC Mining Hub

September 9th, 2021

Weekly Market Recap

Analysis: We witnessed a 10% market pullback by this Tuesday, with a relatively v-shaped recovery. Bitcoin, Ethereum, XRP are still down more than 5% on the week, but have seen upwards momentum in the last 24 hours.

If you are looking to buy or sell the market move, click below to access your account.

Bitcoin Processors Relocated to Alberta from China Under New Proposal

In Alberta, a Nevada-based company named Black Rock Petroleum has agreed to operate up to one million bitcoin mining rigs in the province. Under this agreement, three natural gas-producing sites will become home to the bitcoin mining machines once located in China. Currently, no timeline was agreed upon, but that hasn’t stopped many from discussing the potential impact on the future of mining.

Bitcoin Mining

Like Gold, Bitcoin is deflationary in many respects, since only a set number of coins will ever come into existence.

For this reason, the process of unlocking new bitcoins is different from the process of producing fiat money. Rather than printing new bills, bitcoin is released through a process known as mining. To successfully mine this digital currency, computers with powerful processors must solve complex mathematical problems. At one point in time, mining could be completed with a PC. Now, it requires numerous rigs consuming large amounts of energy to do the same thing.

Most of these cryptocurrency mining rigs were in China until Beijing called for additional measures against bitcoin mining due to its environmental impact. The result is that many cryptocurrency miners have begun fleeing to other countries, and many machines must be moved either by air or sea to countries such as Canada and the United States.

The Impact

At one time, China accounted for nearly 70% of the world’s bitcoin hash rate, which could be likened to the cheaper electricity in certain regions of the country. As these mining rigs are now moved to North America, an enormous amount of power will be required, and the hopes are that renewable, clean power will be the ultimate answer.

Looking at the entire cryptocurrency industry, many welcome the movement of bitcoin rigs since it represents movement to a decentralized distribution of hash power. It also means that the decisions made about digital currencies in one country will have less of an impact on bitcoin prices, unlike the drop in price we witnessed earlier this year. On a more local level, the result of this move will also include the presence of more jobs in Alberta, including IT staff, electricians and campus managers.

Unfortunately, this deal still brings a few minor challenges to question, such as the clearing of land and access to the internet in these locations.

Other Headlines & News

El Salvador Buys 200 Bitcoins as The Digital Currency Becomes Legal Tender- CNN

SOL Price Nears USD $200 After FTX’s Solana-Enabled NFT Marketplace Goes Live- CoinTelegraph

Visa Plans to Bring Cryptocurrency Services to Traditional Banks in Brazil- Coinspeaker

Bitcoin Will Double to $100,000 by Early Next Year – And Ether Could Hit as Much as $35,000 in The Long Run, Standard Chartered Says
Business Insider

Someone Paid More Than $300K For a Fake Banksy NFT — And The Scammer Gave it All Back- The Verge

Unsupported Coin & ERC20 Token Deposit Policy


  1. The only ERC20 tokens that Bitbuy currently supports are ETH, LINK, and AAVE.
  2. Bitbuy cannot guarantee the recovery of any funds that are transferred to the wrong address, which includes non-supported ERC20 tokens, such as USDC and USDT.
  3. Bitbuy does NOT support deposits made via BEP2 and BEP20 networks and are not recoverable by Bitbuy.
  4. If you are sending ETH, LINK, or AAVE via Binance, Trust Wallet, or any other exchange/wallet that supports BEP2 and BEP20 transactions, you must select ERC20 for your funds to be successfully deposited into your Bitbuy account.
  5. If recovery is possible, Bitbuy can attempt to recover the funds, however, recovery is not guaranteed and can take an undetermined amount of time.
  6. If recovery is successful, a recovery fee of 10% of the total transaction will be charged when the initial deposit has been returned.

You can check out the policy in detail here.

The Ultimate NFT Guide!

NFTs, known as non-fungible tokens, have taken the world by storm 🌪️

In this guide, we break down what NFTs are, how they are used, and how to buy them in Canada 🇨🇦

The Ultimate NFT Guide is now live on Bitbuy Resources.

What To Consider: When Opening A Business Account With Bitbuy

You may have personal crypto investments, but is your company considering getting into crypto?

Some of the world’s most successful companies have started to integrate cryptocurrency into their organizations.

As a leader in the Canadian digital asset space, we’ve provided some insight on what corporations need to consider when integrating cryptocurrency in their organization.

Check out our new article:

What To Consider: When Opening A Business Account With Bitbuy

Product Updates for 2021

For the month of August, our team completed a number of incremental enhancements to improve your Bitbuy experience.

Click this link to learn more!

Bitbuy Is Hiring!

Here at Bitbuy, we’re always looking for talented people to join the rocket ship!

If you know any qualified candidates, please encourage them to apply for the following job postings:

Customer Success Specialist

Intermediate Java Developer

Intermediate Mobile Developer

Account Payable Specialist

Senior Product Manager

Visit this link to see what positions we are actively recruiting.