Report: Quebec’s Mohawk Council of Kahnawake Seeks Energy to Power Crypto-Mining Opportunities

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

Members of the Mohawk Council of Kahnawake (MCK) and the newly created Kahnawake Blockchain Technologies (KBT) are interested in expanding its economic development opportunities with cryptocurrency mining. Marcus Bankuti, a Local Journalism Initiative (LJI) reporter published an article on MCK seeking energy to produce a crypto mining unit. Bankuti quotes MCK chief Mike Delisle, the council’s economic development portfolio lead. Delisle believes crypto mining could provide an exciting revenue opportunity for Kahnawake residents.

“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 is applying for more energy from Hydro Quebec and the MCK is discussing a partnership with a company called Pow.re. The company details 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 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’

Today, Mohawk Nation has roughly 16,200 members, and close to 3,000 members live off reserve. A great majority of Mohawk Nation members reside in Kahnawake, Akwesasne, and Kanesatake with most of the members (7,923) living 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 notes that mining rigs would be stored in shipping containers and Kahnawake could get a fixed percentage of the bitcoin (BTC) mined from the operations. 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.

What do you think about the Mohawk Council of Kahnawake looking into cryptocurrency mining opportunities? Let us know what you think about this subject in the comments section below.

Related Posts

Coingecko Cofounder Talks About Investing in a Bear Market

Speaking At Token2049, Coingecko COO and co-founder Bobby Ong offered his thoughts on crypto’s future and how crypto adoption fared in 2021. Token2049, a forward-looking crypto conference…

Bitcoin price slips under $19K as official data confirms US recession

Politicians continue to argue about whether the U.S. economy is in recession, even as data highlights two consecutive quarters of negative growth. Meanwhile, BTC holds $19,000, for…

This altcoin exploded 120%, will it continue to rise in October? Analysts take

Terra Classic’s (LUNC) over 100 percent rally in September has forced analysts to look into how October could be for the cryptocurrency. The recent 1.2 percent burn…

Shiba Inu biggest position for Ethereum whales holding more than $139M – Will SHIB price explode?

Ethereum Whales double down on Shiba Inu buying despite the crypto winter encouraged by discounted prices and the Impressive growth of the Shiba Inu ecosystem driving up…

Hong Kong Protects Local Currency in Forex Market Amid Capital Flight to US Dollar

Following the Bank of England explaining that it would be meddling in U.K. bond markets and the Bank of Japan defending the yen in the foreign exchange…

Biggest Movers: SOL Moves Towards $35.00, XMR Extends Recent Gains

Solana rose for a second straight day on Thursday, as the token moved closer to its long-term resistance point of $35.00. Monero was also in the green…

Generated by Feedzy