- The Mohawk Council of Kahnawake (MCK) and Kahnawake Blockchain Technologies are to apply for more energy to Hydro Quebec.
- MCK also partners with Pow.re to mine cryptocurrency.
- Kahnawake would obtain a percentage of the Bitcoin mined.
Quebec’s governing body Mohawk Council of Kahnawake (MCK), which members created the new fintech Kahnawake Blockchain Technologies, permitted the fintech firm to apply for more electricity in Hydro Quebec. The energy will be used to power the community’s cryptocurrency mining operations.
According to the published article of Local Journalism Initiative Reporter Marcus Bankuti, the idea was suggested by the company Pow.re, which offers a partnership that wouldn’t use the community funds. Pow.re Corporation offers computation centers and financial services that will transform stranded energy into digital asset opportunities.
Mike Delisle, the head of this new economic development portfolio chief of MCK, said:
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. Now our revenue generation and business development team has a mandate to sit down and formally negotiate terms of a possible agreement with Pow.re.
Paul Rice, the local spokesperson of Pow.re, stated that the deal’s financial risk to Mohawk Nation’s community is “very minimal.” He added that the corporation is a well-financed company and knowledgeable in the crypto industry. Rice stated that Kahnawake would obtain a percentage of the Bitcoin mined, which he described as “basically a free roll on the upside of the price of Bitcoin.”
While the benefits of mining Bitcoin with Pow.re an ideal choice, MCK members are still anxious about crypto mining’s environmental effects on the community. By the use of renewable energy, Rice confirmed that Hydro Quebec’s energy is parallel with Pow.re’s vision of environmentally-conscious crypto mining activities. He also added that the mining rigs would be kept in shipping containers on land that would cause the least impact on the grounds and could easily be removed.
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