Members of the Mohawk Nation from Kahnawake are considering using electricity from Hydro Quebec to fuel bitcoin mining activities, according to a report by Canada’s Local Journalism Initiative. In order to investigate cryptocurrency mining options that could be included in the Mohawk Council of Kahnawake’s (MCK) economic development agenda, the council established a new entity.
Delisle said in a statement on Friday that the potential to start a new sector, or at least a new industry within Kahnawake, with zero investment is exciting for service growth and income generation. MCK is requesting more electricity from Hydro Quebec and is in talks to cooperate with a business named Pow.re. According to the corporation, Kahnawake would not need to contribute money to the cryptocurrency mining project. With regard to a potential arrangement with Pow.re, “our revenue generation and business development team has a mandate to sit down and formally negotiate details of said agreement,” Delisle continued.
The newly formed Kahnawake Blockchain Technologies (KBT) and the Mohawk Council of Kahnawake (MCK) are both interested in using cryptocurrency mining to increase the region’s potential for economic development. MCK is looking for energy to create a cryptocurrency mining unit, according to a story by Marcus Bankuti, a Local Journalism Initiative (LJI) reporter. Bankuti cites MCK Chief Mike Delisle, who oversees the council’s portfolio for economic development. Delisle thinks Kahnawake people may have an exciting new source of income from cryptocurrency mining.
Nearly 3,000 of the Mohawk Nation’s 16,200 current members live off-reserve. The three communities of Kahnawake, Akwesasne, and Kanesatake are home to the vast majority of Mohawk Nation members, with Kahnawake having the highest population (7,923). Paul Rice, a Pow.re representative in the area, reportedly stated that there is “very little financial danger to the community” in Bankuti’s assessment. According to Rice, the corporation and the MCK are intent on reaching a deal that is advantageous to the Kahnawake.
According to Rice, mining equipment would be kept in shipping containers, and Kahnawake might get a set share of the bitcoin (BTC) produced by the operations. According to the LJI reporter, the Pow.re representative also claimed that the grounds would be “minimally impacted” and that the site had already been cleared. Rice continued, “What it enables for is essentially a free roll on the upward movement of the price of Bitcoin.
News Summary:
- Mohawk Council of Kahnawake in Quebec Looks for Energy to Fuel Crypto Mining Opportunities
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