Canada is uniquely positioned to be a major player in the global blockchain and digital asset ecosystem if the government allows its digital asset mining industry to thrive.
Canada’s technology advantage
Canada has a global competitive advantage in the development this transformative technology by being the home to inventors and early adopters of key blockchain protocols and use cases. This leading role is further strengthened by a vibrant and rapidly growing community of technology companies and research institutions focused on the development of blockchain and related technologies.
Canada’s regulatory advantage
Canada provides a stable political, legal, and investment environment and robust regulatory certainty that digital asset mining companies and their investors are looking for today. A robust Canadian digital asset mining industry also enhances the role Canada and Canadian regulators will play on the international stage as the world moves forward to develop a framework for the oversight and regulation of crypto currencies and related blockchain technologies.
Canada’s Energy advantage
Canada has an unusually clean power grid that allows digital asset mining to be conducted with the lowest possible emissions from power consumption. Digital asset mining is already making a positive contribution to the optimization of Canada’s provincial and municipal electricity systems as our country transitions towards net-zero goals. Depending on the context, digital asset mining operations can support the deployment of grid capacity by acting as consistent baseload during off-peak periods, and a dispatchable load that can be turned off to help utilities better manage power distribution during periods peak demand. Ultimately, this leads to better grid utilization, additional revenues for utilities to reinvest in grid security and maintenance, and, for local rate-payers, lower electricity bills.
Canada’s Innovation advantage
The digital asset ecosystem is evolving quickly. Blockchain applications are being developed daily by Canadian companies with projects aiming to revolutionize multiple sectors including accounting, agriculture, banking, cybersecurity, healthcare, voting/politics, supply chain, insurance, real estate, education, retail, intellectual property, freedom from censorship and the handling of important information.
At the same time, the digital asset mining sector is also evolving. Companies that were created as digital asset miners, are now developing and diversifying to include data centers with advanced multi-use servers capable of providing a suite of services that can play a much larger, positive role in the Canadian economy and society.
Analyst firm Gartner estimates that blockchain, the encryption technology behind digital asset mining, will provide $176 billion in value to businesses globally by 2025 and a whopping $3.1 trillion by 2030.