Bitcoin Forum

Bitcoin is "Canada's hope," said Michael Saylor, president, and CEO of MicroStrategy.
Michael Saylor, who has become a bull in the cryptocurrency with the purchase of bitcoin, posted a post from the official bitcoin page on Twitter on his page.
The tweet notes that Canada is able to use hydropower to power the entire Bitcoin network. The company announced that Canada has a capacity of 400 TWh of hydroelectric power. While the country's bitcoin network operates at only 129 TWh.

https://i.imgur.com/KFxAwlr.png

In addition, Michael Saylor and his company are known as true sponsors of Bitcoin. Saylor, who calls himself a crypto guru, believes that bitcoin is a one-time change in life. Is. He also advises everyone to convert their cash into bitcoins.
Saylor also expressed his other views on Bitcoin. Bitcoin is currently the most powerful technology in the 21st century, he said.
Canada has been at the forefront since the mass exodus of bitcoin miners from China. Recently, Bitcoin miners naturally turn to energy-efficient sources, said Brian Mosoff, CEO of Ether Capital, a Canadian and cryptocurrency-focused entrepreneur.
He described Alberta as a great place to go. Mosoff added that Quebec and Ontario are other areas where miners can set up bases.


Source: https://coinquora.com/michael-saylor-says-bitcoin-is-hope-for-canada/

I slightly dislike(I know, I can be petty) those Twitter people who seems to think that Bitcoin is the answer to literally whatever news-trending problem there is. But "wasted" renewable energy is one good use-case of Bitcoin mining. They contribute to the network, and at the same time they get value in exchange for the supposedly wasted energy. Win-win!

They're trying to hype bitcoin, it's the fault of those ultra fanatics.of bitcoin that exaggerated it's uses and it's purpose to the point that it become the truth/norm for the many. And those Twitter people are all shills, they have somethinng to gain when the price goes up so they use the platform of Twitter to shill for bitcoin.

hyping is always the key here and we love it!  BTC

big countries take loans and loan again to get out of debt. and if everything doesn't work, countries can go to war for money because money is power. if Canada has energy sources why not. but this might be too early for Canada to go into Bitcoin. there are poorer countries out there to convince than Canada. any stoner out there in Canada can think about mining BTC thru the fans of cannabis grower.

You can say that but the fact is that Bitcoin is an appropriative asset, be it has it may, Bitcoin price will rise above $100000 one day. I have commented on a thread recently, the price of bitcoin is controlled by buying and selling, while the buying makes the price to appropriate, if people are holding it and advising others to do that, I do not see anything wrong in that. Fiat are not appreciative and can be devalued anytime by the government which is what the government love to do, rather than to appreciate it up, is that what we want? Over long time period, fiat is devalued. So, if advising people to go for Bitcoin which is deflationary, there is nothing wrong about that.

Well for real You cannot just convert 100% of your investment in Bitcoins that would be really risky because even though bitcoins is a high thing right now we do have a lot of volatility in the market, thus I do believe that you should always keep some cash aside for the emergencies at the same time even though Canada is capable of supplying more energy for the bitcoins, they have to realize that it's not that easy, manipulation in the market is too real and at that time people would be devastated if their strategies did not end well. But I do believe that during the COVID things might become much more lenient with Bitcoins and might end up making huge profits.

I would not like to see Canada taking over majority Bitcoin mining, because that would mean miners would have to switch from one communist country to other.
It's well known fact that Justin Trudeau admires China and he is trying to copy-paste their model to Canada, and since most politicians are corrupted crooks I would not be surprised if he was on Chinese payment list.
I am not against Bitcoin miners spreading worldwide, and Canada have natural potential, but If Chinese could ban mining that means that Canada with current government can do the same thing in near future.

While Canada can be an option for mining - if there's indeed so much unused electricity and because the cold climate helps too - I don't know at what price is the electricity actually sold there and I don't know if it's indeed the solution for out-of-China miners (business costs are most probably a lot different in/around China and in North America).

So while Canada can be an interesting option for US miners (unless they already have their own free power, obviously), I doubt it will do for Asian ones.

There is no such thing as an official Bitcoin page on any social platform. Bitcoin is decentralized and no one can create an official account for it. The handle in question was created late last year and is simply an account that discusses Bitcoin and related topics.

No it isn't. Hype creates temporary price changes, but cannot sustain prolonged growth.

Not only twitter, I think I have an obsessed friend who can't say a word without digressing his to go Bitcoin, always up for anything, when Bitcoin drops he would be like I knew it was just another scam, if it rises he would be like do you best to get as many Bitcoin like him, have come to see him as another real life influencers I am experiencing, they won't to be their in the midst of it, want to be seen as knowledgeable.

He's saying "hope" as if Canada is on the verge of collapsing and is desperately looking for money. Also, the total mining revenue of Bitcoin network per year, assuming they sell at $46k per coinm is around $15 billion, while Canada's federal budget is $300 billion, so how can you talk about saving Canada if even in this scenario when Canada would go all-in on mining Bitcoin, it would still be a fraction of their spendings, and this is ignoring the cost of buying miners and costs of electricity.

They want to get a portion of miners to migrate to their country which is much more likely complicated than China. I would not gamble to migrate there since their economy is not good right now and they don't know if they can stay there for too long after establishing their mining camp. It's better to stay where they are and be like that since no one really cares about them wherever country they established their camp right now. If they want Canada can make their own bitcoin mining site if they really wanted some hope for their country and they can start it themselves before recruiting others to come to them.

calls himself a crypto guru :D

I don't understand what he means by bitcoin "one-time change in life"?


and after people convert their money into bitcoin what will they do? hodl to make 10X profit what if they buy and the price drops a lot? not all people have the patience and brains to deal with losses in a way that is not radical. I think he should be careful when giving this kind of advice.

Yes, I have the same worry as you. Beginners may not be able to withstand short-term fluctuations, in case of a loss, it will have a negative impact.
Friends who are interested should be advised to learn more about Bitcoin, what is its charm and so on, instead of buying it.

I'm not arguing with them hyping Bitcoin(because they definitely could be), but using Bitcoin in this case makes total sense to me.

As for the "shilling because they have something to gain" argument, I have mixed feelings. How do you differentiate someone that's just really genuinely bullish on Bitcoin, from someone that's just here for financial gain?

But have you seen Elon Musk hype Dogecoin?

I don't think it's exaggeration, well you can look it that way, however, in the first 5 years of bitcoin there was no hype but pure attack on it with massive FUD and yet it still stand today. Everyone here is to gain something, whether you like it or not. Youtube, Twitter shills and any other social media, nothing bad about in my opinion, at the end of the day, it's about you, whether you are going to be swayed by this people or not.

Regarding Quebec enormous supply of electricity, then why not? But saying that it is Canada's big hope, I disagree with Saylor. It could be a big help to bitcoin though as there will be power shift as far as bitcoin mining goes.

Well at the very least, this could make people shut up about how Bitcoin has damages to the environment due to the amount of electricity it uses. I reckon people of the internet wouldn't claim that it now destroys the environment now would it. Still, kinda doubtful since I've never heard of any issues Canada has. Unused energy is an issue? I don't think so tbh, it simply means they have more opportunities to use it somewhere or allocate it to make improvements throughout their place. It's a plus really, but most miners moving to Canada doesn't seem like a good thing. Letting them spread out all over the world seems the better choice.

If you are going to think about it, you cannot just exchange all your monetary wealth into Bitcoins that easily, due to the fact that most investors wants to diversify their assets and properties and as much as possible would like to be sure that they can profit on all of their properties. Also many have their savings split to many needs, emergencies, bill payments, and others. Though it is good to know that Canada have all the hydro power in the world to be used to mining Bitcoin, they also have to consider that there are many other areas of the Canadian economy where the electricity can be used to. So I don't think that the government of Canada would be convinced to put everything they have on crypto mining.

This will help Canada's development. They may want to get rid of government control.
However, people consider the power supply in winter and worry about the governance of the green environment. Will resources be wasted.
Because one of Quebec’s main heat sources  afaik is electricity.

If resources are wasted, then this will be banned.

I think they have a somewhat decent prices in electricity there, the consumption is just too big because they have winters there and electrical heating is the best option for many consumers there. It's actually a good solution for miners that was displaced, the heat from the rigs can be used to save on electricity heating during winter.

He, like so many, remind me of the shilling Elon Musk did when it favored him for the value of Bitcoin to increase. When he was satisfied, he suddenly changed his opinion. It's great that people are talking about this technology and are in favor of it, but it's also dangerous to influence ones opinion, especially if that opinion can one day change due to business interests.   

A part of your wealth and monthly/yearly income should be in Bitcoin, sure. But if he is suggesting converting everything, that's terrible advice. The "don't keep all your eggs in one basket" saying is still true whether it's Bitcoin or something else.

I was not aware of that, is this true? Any independent and official sources that can confirm that? I thought the USA, Kazakhstan, and Russia were more interesting destinations for Chinese miners.

Maybe it's not hope but it's really a good thing. And sure it'll help to BTC and Canada's economics as well.

Capacity of  400 TWh? Somebody skipped physics in school.
The capacity is 81 GW the production is 400 TWh, meaning that tomorrow you could produce 1.9 TWh or ZERO.
Besides it's not like that energy is just sitting around, if that energy will be consumed by miners then others who previously were powered by that will need to switch to a different source.

Lol, Bitcoin mining will save Canada.
As hatshepsut93 said, assuming half of the hashrate moves there will be an income of 365 x 20millions (current daily reward), meaning a full 7 billion in income to the miners there. Canada has a GDP of 1.7 trillion, making $600 billion a year (compared to the whole bitcoin market cap of 800b) just out of oil exports.
I've never seen a country getting saved by adding 0.4 to its GDP.
Let's not even dig what will those 7 billion mean in taxes to the government since the revenue from mining is peanuts compared to the bill in electricity, so if they will be able to extract even 100 million in revenue taxes it will be amazing

Save Canada by running miners, looool!

Of course this is a breath of fresh air where people are currently complaining about bitcoin mining which is still hampered by the use of very large electricity that threatens coal supplies but with this kind of anticipation I think it will be very good because we know that Canada has Adequate water supplies and municipal water supplies account for 12% of Canada's water use. Other major water users are cooling water for power generation (64%), manufacturing (14%) and agriculture (9%).

but i totally agree with this

as if bitcoin is any form of answer to all news.
although it's good to raise the name of bitcoin itself but too much is also not good

Michael Saylor is overleveraged and continuously doubles down on massive Bitcoin long positions every time it dips. His entire otherwise stagnant business depends on his BTC holdings now. Buying MicroStrategy stock basically means buying BTC under the fiat system. Don't get me wrong I like guy as a fellow Bitcoin, however people so invested on it financially usually become and start seeing Bitcoin as a key that fits on every lock. I think these guys are going to get rekt bigly the moment expected long term bullish models fail.

Plus the energy providers help distribute the Bitcoins to the users, through the miners. Energy providers that power the Bitcoin network are becoming like quasi-central banks, without themselves understanding their role. They are going in it because of the incentives. Satoshi is a Genius.

That sounds like a dangerous investing strategy to me, specifically, the "double down" part. It's understandable to inject a little more cash in long positions on each correction, but adding large amounts of BTC unnecessarily increases the risk, especially since it's company money and I don't expect BTC to make more than 66% gains at the current price, which would place it at 75K. But even any profit beyond 33% at 60K is highly unlikely. When you think about how much money that adds up to in terms of net income for Microstrategy it doesn't really make sense.

I'm not worried about Saylor's strategy because she basically believes that BTC is a valuable asset. Loss or gains, are often calculated in conditions that have not been realized, meaning that even if the value of BTC in the future drops, the BTC assets never decrease. So far, MSTR's BTC assets are still in surplus and buying when prices are low, isn't everyone doing the same thing?

That's actually a good thing but how do we migrate everything there, I mean it can probably support the network for about 50 years or so given that it's about 400 Terawatts of energy wasted and the growth for energy consumption rate for bitcoin network is low and slow. Saylor might be onto something here.

Miners will be encouraged to use green energy in Canada because of these reasons. The electricity is not cheap in Canada because of its isolated location. I think the heat sources are different depending on where you live in Canada if you live in the North then we use wood fires.

Bitcoin does have the potential to be powerful technology of the 21st century and this is what the government sees before they try to create fud about the Bitcoin market. But, I don't think Michael Saylor should be considered as Bitcoin sponsored because these people only cultivate what will benefit them though, it will be nice if the wasted energy in Quebec uses to mine Bitcoin since Canada itself is a welcome country for new technology.

Michael Saylor will either by the biggest loser in Bitcoin Land, or he will be celebrated as making one of the greatest bets in the history of trading/investing. Zoom out, if he can pay the interest until the big surge to 6 digits, then there’s obviously higher probability for his bet to profit him billions.

And where did you come with the idea that is waster energy?
Canda produces 650TWh a year of electric energy out of which around 400 is hydro, if you would be using 100 or 200 out of those for bitcoin mining all the other industries would have to switch to burning fossil fuel. Seriously, just take a second to think before making these claims, why would they have built all those damn if they didn't need that energy in the first place.

This is the same Salvador story, somebody out there really believes they are digging thermal wells to produce energy for miners, yeah right!!! They were building that power plant before they even knew what bitcoin is (the plan was laid down in 2012) and they are doing it because Salvador is a net importer of energy, not for the sake of some miners. The whole story is simply childish, you want people in Canada to start burning more oil and coal so that miners could use cheap hydroelectric produced electric energy? Seriously, how many tequila shots do you need to chuck down before one comes with such ideas.

One more point, why do you believe the growth of energy consumption for bitcoin is low and slow?
Energy demand is following the price as miners get more rewards and plugin more gear to get more $, it went up by 20x times in the last 4 years, do you think it wills still consuming only 100twh if the prices are at 300k next year?


I don't know why you're so enthusiastic about an energy provider having the power to shut down 10-25% of the global hashrate with a click.

Wow, that's very impressive. I didn't know one country had enough eco-friendly electricity to spare (does it, really, by the way?) for the whole Bitcoin network, and Canada is a lovely, economically and politically stable country. IMO Canada is much better than China. It's way more democratic. However, it's definitely not like Canada needs mining, just as hatshepsut93 pointed out.
Hopefully, news like this will convince those who still shout about Bitcoin's environmental impact that it's not an essential issue and can be resolved with redistribution and alternating sources of energy. That being said, I wonder how many miners would actually be willing to move to Canada, and how realistic it is to get proper permits and visas for something like that.

Michael Saylor is a great bitcoin supporter. If he says Bitcoin is Canada's hope, I am sure he is not saying this without a reason. Why limit yourself only with Canada though? Bitcoin is the only hope for the whole World. The whole world needs sound money.

Look what's happening in Afghanistan. Can you carry huge amounts of with you while you are leaving the country? No. You cannot. Can you carry your FIAT with you? Not unless you are the president.

You can carry your crypto with you because bitcoin has no physical form.

https://www.reuters.com/resizer/2orV6pXI04tIki-XEY0CdUBwyPM=/960x0/filters:quality(80)/cloudfront-us-east-2.images.arcpublishing.com/reuters/HWIKKB25UVHVXAZLFM2EJIMOUA.JPG

Michael Saylor as the CEO of MicroStrategy certainly has an interest in what his company does, but it is his right because according to information he holds quite a lot of bitcoin. but it's true, just like you, I also see that bitcoin technology will continue to develop and continue to improve in this century, and many will continue to seek and make very profitable investments, and it's only natural what to say for a country like Canada. because it is likely that many countries will also accept bitcoin as a legal tool to use because it is also very profitable for income for the country's economy.

For context, he talked about Canada because it was the issue of the day.


Plus what kind of fiat money are you carrying with you? Afghani currency? Literally everyone would laugh at you if you try to exchange that for anything. I believe that demonstrates the need for Bitcoin as a fall back/back up.


Where are they?

That''s the beauty of it.

Nobody knows where their crypto is. Bitcoin is like god. It is nothing but it is also everything and everywhere. I believe Michael Saylor also said something similar.

No, I was asking about the location of those people. Where actually are they? Are they in a ship on the way to be refugees in another country? Is that the actual group of people going to Canada?

Plus Bitcoin will not be like “nothing but also everything, and everywhere” if the network participants/community doesn’t protect itself from scaling in. Hahaha.

does anyone know how to reconfigure an s17 to work with new hash boards?

It's a plane evacuating people (around 600 according to the news) from Kabul (Afghanistan).
And no, they are not going to Canada.