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Sweden Welcomes Crypto Miners

January 13, 2018 | By | 2 Replies More

Sweden welcomes crypto miners and as the result, crypto market in Sweden is growing rapidly thanks to a friendly regulatory framework for fintech startups and the development of crypto-currency systems in the country. Sweden is one of the leaders in the global bitcoin market. High knowledge level with digital competences and government support make them really stronge competitive on global market.

Sweden welcomes crypto minersSweden Welcomes Crypto Miners

Can Sweden become the next world center for cloud mining?

  • Sweden is already the 2d largest financial center in Europe, with venture capital companies, practical policies and support for start-ups and especially fintech ones.
  • Investors in the Swedish market have started to move to the local market of bitcoins since 2016.
  • More importantly, an increasing number of bitcoin miners and mining pool operators began to relocate to Sweden. The reasons for the move are the cold climate, which contributes to the natural cooling of equipment for mining and cheap electricity.
  • Problems of mining in China also help Sweden to increase number of miners in the country; chinese miners have already started considering the possibility of moving to other regions, which make Chinese crypto-currency market uncertain.

Lot of Chinese miners have already visit Vietnam, Russia, USA and other countries and start to deal with local authorities for electricity price and other options. They are preparing “Plan B” out of China, even if there be only 1% chance that mining will be prohibited.

China mining problems

  • Bribery is a common occurrence for Chinese mining, as electricity suppliers have absolute control over their decision to limit the power supply to certain businesses that do not meet their requirements.
  • Nobody boasts/talk that he/she is engaged in mining or even cloud mining, because it is best to make a fortune in silence.
  • Liquidity also became a problem for miners, as the Chinese government introduced a nationwide ban on trade in crypto-currencies in October.
  • For miners it became even more difficult to sell or distribute bitcoins (BTC), which they produced.

Chinese and other miners can find their new haven in regions such as Sweden, where electricity is as cheap as in China, the colder climate necessary for operating mining equipment, and friendly legislation.

Category: News

Comments (2)

  1. Dgenni says:

    Sweden is still the clever country. She seems to be on the sidelines, and the money still has in crypto-business. Sweden’s finances are quite large, it is not a poor country like Ukraine. So if it was a completely unprofitable business, it would definitely not participate in it, as they are very thoughtful. So even in China the problems, why not show off to the world marketplace?

  2. Andre says:

    Sweden, as always, is open to new technologies, I’m not surprised to read such news about this country. All progressive countries already recognize bitcoins as the official currency, and bitcoin will live and develop, despite the lamentations of envious persons and detractors.Concerning Sweden, I do not think that it can become a center, as long as there is China, he-he

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Comments (2)

  1. Dgenni says:

    Sweden is still the clever country. She seems to be on the sidelines, and the money still has in crypto-business. Sweden’s finances are quite large, it is not a poor country like Ukraine. So if it was a completely unprofitable business, it would definitely not participate in it, as they are very thoughtful. So even in China the problems, why not show off to the world marketplace?

  2. Andre says:

    Sweden, as always, is open to new technologies, I’m not surprised to read such news about this country. All progressive countries already recognize bitcoins as the official currency, and bitcoin will live and develop, despite the lamentations of envious persons and detractors.Concerning Sweden, I do not think that it can become a center, as long as there is China, he-he

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