According to a report from Canada’s Local Journalism Initiative, members of the Mohawk Nation from Kahnawake are looking into using electricity from Hydro Quebec in order to power cryptocurrency mining operations. The Mohawk Council of Kahnawake (MCK) created a new organization to research crypto-mining opportunities that could be added to the council’s economic development portfolio.
Mohawk Council members create Kahnawake Blockchain Technologies Group to Research Crypto-Mining
Kahnawake Blockchain Technologies is a newly established company that offers cryptocurrency mining. Members of both the Mohawk Council of Kahnawake are open to exploring the economic opportunities for the region. Marcus Bankuti (a Local Journalism Initiative reporter) published an article about MCK’s search for energy in order to create a cryptocurrency mining unit. Bankuti quotes MCK chief Mike Delisle, the council’s economic development portfolio lead. Delisle thinks crypto mining may be a great revenue source for Kahnawake citizens.
“With zero investment and an opportunity here to create a new industry, or at least a new industry within Kahnawake, it’s exciting for revenue generation and for the development of services,” Delisle said in a statement on Friday. MCK will apply for Hydro Quebec more energy, and MCK plans to partner with Pow.re. It states that funds would not come from Kahnawake for the crypto mining project. “Our revenue generation and business development team has a mandate to sit down and formally negotiate terms of a possible agreement with Pow.re,” Delisle added.
Pow.re Spokesperson Says Kahnawake Could Be Paid in Digital Currency for a ‘Free Roll on the Upside of the Price of Bitcoin’
Mohawk Nation currently has close to 16,200 members. Nearly 3,000 of its members are off the 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’s report, Pow.re’s local spokesperson, Paul Rice, said the “financial risk to the community is very minimal.” Rice claims the company and the MCK are focused on coming to an agreement that benefits the Kahnawake.
Rice points out that the mining rigs will be transported in containers. Kahnawake can also get a percentage of any bitcoin (BTC), mined during the operation. The Pow.re representative further said that the land was already cleared and there would be “minimal impact to the grounds,” according to the LJI reporter. “What it allows for is basically a free roll on the upside of the price of Bitcoin,” Rice added.
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