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Mongolia’s role in the Cryptocurrency Market www.medium.com
Mongolia is a country still often overlooked when it comes to economic development.
Over the last decades Mongolia has overcome political and economic hardships and the government is keen to find ways to strengthen the financial sector of the country. Mongolia has an open mind about cryptocurrency and there are plans to further promote this industry.
Cryptocurrency and blockchain related market actors also started to focus on Mongolia over the recent months. Especially during the bear market 2018 Mongolia gained popularity as a new haven for miners.
Resource and Cryptocurrency Mining in Mongolia
Mongolia is well known for resource mining, such as gold, bronze, copper and rare metals but it also has the potential to play a leading role in cryptocurrency mining.
Probably the biggest factor is that electricity prices are very low in Mongolia, even much lower than prices in China. Many miners who struggled with the balance of energy costs and gained profit during the last bear market, relocated to Mongolia. This way they could lower their financial burden in times when the mined coins couldn’t generate much revenue.
Aside from low energy prices, Mongolia’s cool climate is also favorable for cryptocurrency mining. Throughout the year temperatures are relatively low which reduces the energy needed to keep the heat-generating mining computers at their working temperature.
That is why especially during the very cold winter months, when resource mining is difficult, cryptocurrency mining flourishes.
The AIS project that is currently building a cryptocurrency exchange called AIS-X in Mongolia sees the potential of Mongolia’s mining sectors and plans to combine them with “Double Mining”. Double Mining refers to a form of investing and promoting both, the resource and the cryptocurrency mining, and smartly linking it to the services of the exchange.
For more information about the AIS project and the AIS-X exchange please refer to the links below.
AIS Website : https://ais-x.io
AIS-X(exchange) : https://ais-ex.com/
Telegram : https://t.me/aisofficial
Twitter : https://twitter.com/aisx_official
Facebook : https://www.facebook.com/AISXOFFICIAL
Published Date:2019-07-25
