According to Canada's Local Journalism Initiative, members from the Mohawk Nation of Kahnawake are considering using electricity from Hydro Quebec to power their cryptocurrency mining operations. Mohawk Council of Kahnawake created a new organization in order to investigate crypto-mining possibilities that could be added into the council's economic growth portfolio.
Mohawk Council members create Kahnawake Blockchain Technologies Group to Research Crypto-Mining
The Mohawk Council of Kahnawake and Kahnawake Blockchain Technologies, both newly formed, are interested in cryptocurrency mining to expand its economic development. Marcus Bankuti (a Local Journalism Initiative reporter) published an article about MCK's search for energy to create a crypto mining unit. Bankuti quotes Mike Delisle (the council's economic growth portfolio leader). Delisle believes that crypto mining could be a great revenue source for Kahnawake residents.
Delisle stated that there is no investment required and the opportunity to start a new business or within Kahnawake. This will be a great opportunity for revenue generation as well as for the development and expansion of services. MCK has applied for more energy from Hydro Quebec, and MCK is in discussions with Pow.re about a partnership. According to the company, funds for crypto mining would not be required from Kahnawake. Delisle said that the company's revenue generation and business development teams have been given the mandate to negotiate terms with Pow.re.
Pow.re Spokesperson: Kahnawake could be paid in digital currency for a Free Roll on The Upside of Bitcoin'
Mohawk Nation today has approximately 16,200 members and nearly 3,000 people who live off reserve. The majority of Mohawk Nation members live in Kahnawake and Akwesasne. However, most (7,923) of them are located in Kahnawake. According to Bankuti, Paul Rice, Pow.re's spokesperson, stated that there is "very little financial risk" to the community. Rice also claims that the MCK and company are focusing on reaching an agreement that benefits Kahnawake.
Rice mentions that the mining rigs will be kept in shipping containers, and Kahnawake can get a fixed amount of the bitcoin (BTC), mined from these operations. According to LJI's reporter, the Pow.re representative stated that the land had been cleared already and there would be no impact on the ground. Rice said that it allowed for a "free roll on the upside" of Bitcoin's price.
What do you think of the Mohawk Council of Kahnawake exploring cryptocurrency mining opportunities? Please comment below to let us know your thoughts on this topic.
By: Jamie Redman
Title: Report: Quebec’s Mohawk Council of Kahnawake Seeks Energy to Power Crypto-Mining Opportunities
Sourced From: news.bitcoin.com/report-quebecs-mohawk-council-of-kahnawake-seeks-energy-to-power-crypto-mining-opportunities/
Published Date: Mon, 19 Sep 2022 04:00:39 +0000