A Canadian Mining Firm Thinks that Bitcoin is Worth Gold

By , in Canada Economy News on . Tagged width:

Bitcoin has gain a lot of fans, even if the virtual coin’s value has had a disastrous beginning of 2018. Lately, the situation seems to be going on the right track and Bitcoin is considered a safe investment again. Surprisingly, even profitable companies want to change their profile and work with virtual coins.

Apparently, Canadians are among the first to trust this system. Recently, a mining firm has given up on digging for gold and moved to online operations with Bitcoin. It seems that they consider the change an important step for a safer future.

What is the reasoning behind the idea?

The Canadian company MX Gold Corporation sold their mining portfolio has sold its whole mining portfolio to private businesses for CDN$14,952,000. The operation was accompanied of four official agreements and a non-restricting letter for investments plans. The documents state that now the company’s profile is based on making computerized money from mining operations. After they received the payments, the Canadian investors purchased extra 2,000 mining units by following a virtual coin lease plan.

The board decided to re-start their business plan because Bitcoin means an investment with low cost and important connections throughout the world. So far, they have gained a net profit of CDN$30,750 and still have more virtual coin to operate.

Can virtual coins be more profitable for companies?

The gold mine’s board says that moving from gold mining to operating cryptographic money is one of the best possible courses for the company’s development. Also, the process brings many investors back. However, companies which want to invest in cryptocurrency should look for more information on the subject and analyze all the PROs and CONs. It could be a good idea to switch from real to virtual operations, but see if it will work for your business as it did for the Canadian gold mine.

Patrick Supernaw

Patrick Supernaw is the lead editor for Great Lakes Ledger. Patrick has written for many publications including The Huffington Post and Vanity Fair. Patrick is based in Ottawa and covers issues affecting his city. In addition to his severe hockey addiction, Pat also enjoys kayaking and can often be found paddling the Rideau Canal. Contact Pat here