all about cryptop referances
According to a report by Canada’s Local Journalism Initiative, members of the Mohawk Nation from Kahnawake are looking at using electricity from Hydro Quebec to mine cryptocurrencies. The Mohawk Council of Kahnawake (MCK) created a new organization to investigate crypto mining opportunities to add to the council’s economic development portfolio.
Members of the Mohawk Council of Kahnawake (MCK) and the newly formed Kahnawake Blockchain Technologies (KBT) are interested in expanding their economic development opportunities with cryptocurrency mining. Marcus Bankuti, a reporter from the Local Journalism Initiative (LJI) published an article about MCK seeking energy to produce a crypto mining unit. Bankuti quotes MCK CEO Mike Delisle, the council’s head of economic development. Delisle believes crypto mining can provide an exciting income opportunity for residents of Kahnawake.
“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 applying for more energy from Hydro Quebec and MCK is discussing a partnership with a company called Pow.re. The company says that the cryptomining project would not require funds from Kahnawake. “Our monetization and business development team is mandated to sit down and formally negotiate the terms of a possible deal with Pow.re,” added Delisle.
Today, the Mohawk Nation has approximately 16,200 members, and close to 3,000 members live off reserve. A large majority of Mohawk Nation members reside in Kahnawake, Akwesasne, and Kanesatake, with the majority of members (7,923) residing in Kahnawake. According to Bankuti’s report, Pow.re’s local spokesperson, Paul Rice, said that “the financial risk to the community is very minimal.” Rice claims that the company and MCK are focused on reaching an agreement that benefits Kahnawake.
Rice notes that mining rigs would be stored in shipping containers and Kahnawake could receive a fixed percentage of bitcoin (BTC) mined from the operations. The Pow.re representative went on to say that the land had already been cleared and there would be “minimal impact on the property,” according to the LJI reporter. “What it allows is basically a free roll on the upside of the price of Bitcoin,” Rice added.
What do you think about the Mohawk Council of Kahnawake looking at cryptocurrency mining opportunities? Let us know what you think about this topic in the comments section below.
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