Members of the Mohawk Council of Kahnawake (MCK) and the recently established Kahnawake Blockchain Technologies (KBT) are considering mining cryptos to increase the region’s potential for economic growth.
According to a report from Canada’s Local Journalism Initiative, members of the Mohawk Nation are looking into the possibility of obtaining electricity from Hydro Quebec in order to power cryptocurrency mining activities.
They are also looking into crypto-mining opportunities that could be added to the council’s economic development portfolio.
Crypto mining, according to MCK CEO Mike Delisle, who also oversees the council’s economic development portfolio, may present an intriguing opportunity for Kahnawake residents to boost their income.
“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 was quoted as saying.
MCK seeks additional energy
The MCK is in the process of asking Hydro Quebec for more power, and at the same time, the MCK is in talks with a company called Pow.re about a collaboration.
According to Pow.re, Kahnawake will not need to provide financial support for the Bitcoin BTC/USD mining effort.
“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 further said.
According to Paul Rice, a Pow.re representative in the local spokesperson, the financial risk to the community was modest.
Rice was of the opinion that the MCK and the corporation are attempting to reach an agreement that will benefit Kahnawake.
The mining equipment would be stored in shipping containers, according to Rice, and Kahnawake would be entitled to a certain portion of the Bitcoin that would be mined as a consequence of the activity.
The Pow.re representative reportedly said in the LJI report that the location had already been cleared and that there would be little disturbance to the grounds.
This change, according to Rice, permits a free roll on the upside of the price of Bitcoin.
Are you ready for the next crypto bull run? Be prepared before it happens! Hear from industry thought leaders like Kevin O’Leary and Anthony Scaramucci at the 2022 Benzinga Crypto Conference on Dec. 7 in New York City.
