The Local Journalism initiative of Canada published a report, which said that members of Kahnawake’s Mohawk Nation wish to use energy from Hydro Quebec for powering crypto mining operations.
A new organization was set up by the Mohawk Council of Kahnawake (MCK) for the purpose of researching crypto mining opportunities, which could become part of the economic development portfolio of the council.
The organization that was established for this purpose has been named the Kahnawake Blockchain Technologies (KBT).
Its members, along with that of the MCK, want to use crypto mining for expanding their economic development opportunities.
An article was recently published which highlighted that the MCK was looking for energy in order to power crypto mining operations.
Mike Delisle, the chief of the MCK, who is leading the economic development portfolio of the council.
He believes that Kahnawake residents can benefit from crypto mining because it can give them an exciting new opportunity for generating revenue.
On Friday, Delisle said in a statement that there is zero investment required and they have the chance to set up a new industry within Kahnawake.
He said that it was a great opportunity not just for generating revenue, but also for developing services.
MCK is not only looking to reach out to Hydro Quebec for more energy, but is also in talks of a partnership with a company known as Pow.re.
According to the company, they would not need funds from Kahnawake for running the crypto mining project.
Delisle stated that their business development and revenue generation team were going to negotiate an agreement with Pow.re.
There are approximately 16,200 members of Mohawk Nation today and about 3,000 of them are living off the reserve.
The members are mostly spread across Kanesatake, Akwesasne and Kahnawake, with almost 7,923 members living in Kahnawake.
Paul Rice, a spokesperson for Pow.re, said that the community will have to deal with minimum financial risk.
He stated that they wanted to make an agreement with MCK that would benefit the entire Kahnawake.
Rice went on to say that they would use shipping containers for storing mining rigs and a fixed percentage of the bitcoin that will be mined via the operations would be paid to Kahnawake.
The representative of Pow.re further added they had already cleared the land and the grounds would have to deal with minimal impact.
Rice said that the end result would be great for them once bitcoin’s price rises again.
This move does not really come as a surprise as a number of regions that have access to energy are looking for ways to harness it to support crypto mining.
After all, crypto mining can generate a lot of profits for areas that have energy resources available, but it may not pay off right away.
This is due to the crypto winter that appears to be ongoing in the market, which has caused the prices of top cryptocurrencies to come down drastically.