Canada wants more energy for Bitcoin Mining. Taking a step in that direction, an indigenous community in Canada plans to start Bitcoin mining with hydropower. According to cryptonewsland,
“The Mohawk Council of Kahnawake (MCK) asks for more energy from Hydro Quebec and partners with Pow.re to mine cryptocurrency.”
A state in Canada has permitted a local fintech to apply for additional electricity from the Canadian powerhouse. The Mohawk First Nation in Quebec has allowed its governing council to issue the permissions to Kahnawake Blockchain Technologies. The company is to request electricity from the Canadian powerhouse Hydro Quebec in preparation for its incoming bitcoin mining operations. This is an exciting step for revenue generation.
Canadian Tribe to Explore Bitcoin Mining Opportunities
A digital asset mining company, Pow.re-proposed the Bitcoin mining idea to the governing council in April. The company proposed the picture as a partnership. To their surprise, the board agreed to give them a fixed lease in exchange for a percentage of the mined Bitcoin.
Mike Delisle, chief of the economic development portfolio of the governing council, 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.”
Concerns About Bitcoin’s Environmental Impacts
Surprisingly, the Kahnawake community did not react well to the decision by MCK. The community criticized the governing council. People are worried about the environmental impacts of Bitcoin mining. Others believe that the board should focus on governance and not business issues.
In response to the complaints, Delisle stated that the governing council shares these concerns. However, the decision will benefit everyone.
“We’re doing this on behalf of and for the benefit of the community. It’s not something we’re looking to do quickly and hastily and without any of these issues determined.”
Delisle further explained that the community could capture some of the heart Bitcoin mining generates and put it to good use.
A local spokesman for PoW.re, Paul Rice noted that the mining firm would ensure the partnership remains beneficial to the Kahnawake Community. The company even promised to curb any harmful emissions from the mines.
According to Paul Rice, PoW.re’s vision matches the energy from Hydro Quebec. Pow. Re’s vision is to facilitate environmentally-friendly crypto mining activities since the firm emphasizes using renewable energy.
Rice added that the mining rigs would be kept in shipping containers on cleared land. This will have minimal effect on the grounds and help easily remove the equipment.
Climate Activists and Bitcoin Mining
Climate Activists have always had a thing against Bitcoin. Even though the White House thinks Bitcoin mining might be good for the environment, activists advocate for a Proof of Stake (PoS) mechanism. Environmental activists want Bitcoin miners to move to PoS just like Ethereum. However, this is difficult because no one knows the creator of Bitcoin. Therefore, organizing an upgrade is very difficult. The only solution is for projects to do a hard fork of Bitcoin, which only creates other projects; it does not solve the problem of Bitcoin PoW.
Earlier this September, the cryptocurrency community labeled Ripple co-founder Chris Larsen “Judas” for submitting a climate proposal against Bitcoin. Even the Environmental Working Group (EWG) recently donated $1 million to support a campaign, “Change the Code, not the Climate Campaign.” The campaign aims to help fight against Bitcoin’s high carbon footprint. Ripple joined the movement, too, by saying it will go green by 2040.
It is challenging to regulate carbon emissions from Bitcoin mining. However, Bitcoin mining can be controlled. Governments and institutions must work to find a way of solving this problem because cryptocurrency boosts the economy.