According to a report by the Local Journalism Initiative of Canada, members of the Mohawk Nation of Kahnawake are considering using Hydro-Quebec electricity to power cryptocurrency mining operations. The Mohawk Council of Kahnawake (MCK) has created a new organization to seek out crypto mining opportunities that could be added to the council’s economic development portfolio.
Mohawk Council members create Kahnawake Blockchain Technologies, a crypto-mining research group
Members of the Mohawk Council of Kahnawake (MCK) and New Kahnawake Blockchain Technologies (KBT) want to expand their economic development opportunities through cryptocurrency mining. Marcus Bankuti, reporter for the Local Journalism Initiative (LJI) published a article on MCK looking for energy to produce a crypto-mining unit. Bankuti quotes MCK leader Mike Delisle, who is responsible for the council’s economic development portfolio. Delisle believes cryptocurrency mining could provide an attractive revenue opportunity for Kahnawake residents.
“With zero investment and an opportunity here to create a new industry, or at least a new industry in Kahnawake, it’s exciting for revenue generation and for service development,” Delisle said in a statement Friday. MCK is asking for more energy from Hydro Quebec and MCK is discussing a partnership with a company called Pow.re. The company clarifies that the crypto-mining project would not require funds from Kahnawake. “Our revenue generation and business development team has a mandate to sit down and formally negotiate the terms of a potential deal with Pow.re,” Delisle added.
Pow.re Spokesperson Says Kahnawake Could Be Paid in Digital Currency for a “Free Roll Up Bitcoin Price”
Today, the Mohawk Nation has approximately 16,200 members and nearly 3,000 members live off reserve. A large majority of Mohawk Nation members reside in Kahnawake, Akwesasne and Kanesatake, with most members (7,923) living in Kahnawake. According to Bankuti’s report, local Pow.re spokesman Paul Rice said “the financial risk to the community is very minimal.” Rice says the company and MCK are focused on getting a deal that benefits Kahnawake.
Rice notes that mining rigs would be stored in shipping containers and Kahnawake could get a fixed percentage of bitcoin (BTC) extracted from operations. The Pow.re representative further stated that the land had already been cleared and there would be “minimal impact on the ground”, according to the LJI reporter. “What this allows is essentially a free roll-up in the price of Bitcoin,” Rice added.
What do you think of the Mohawk Council of Kahnawake studying cryptocurrency mining opportunities? Let us know what you think about this topic in the comments section below.
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