Few places in the world accommodate profitable cryptocurrency mining. With most governments not taking kindly to Bitcoin, there are fewer locations available. In Canada, the Powerview-Pine Falls are suddenly of great interest. More specifically, the community of 1,300 residents has seen an influx of cryptocurrency miners. It is a surprising turn of events, yet a welcome one for the small town.
One has to keep the brief history of Powerview-Pine Falls into account. The city used to provide a lot of jobs due to a local paper mill. When it shut down in 2009, a void was created, resulting in 250 unemployed individuals. Additionally, the tax base took a massive dip by as much as 40%. Recovering from such a situation is never easy. However, the transmission lines providing 84 megawatts of electricity to the town.
Powerview-pine Falls is of Great Interest
It is not surprising this has caught the interest of cryptocurrency mining firms. Since there is no real use for the power line, it was never fully decommissioned either. The mayor admits most people forgot it was even there to begin with. Luckily, it now gets a second lease on life thanks to cryptocurrency mining firms. Low temperatures and hydroelectricity in abundance create a profitable environment for these types of ventures.
With the value of Bitcoin and consorts soaring, cryptocurrency mining has become a lot more popular. Especially Chinese operators show a big interest in this particular location. Bitmain is rumored to be in talks with the Quebec authorities to set up hop. Toronto’s own Hut 8 mining Corp is also involved in some discussions as of right now. All of this is positive news for Powerview-Pine Falls. A new type of heavy industry will create new jobs and put old infrastructure to good use.
For now, nothing has been set in stone yet. There is a healthy mix of operations, both large and small. One firm even offered to sue all of the available electricity and pay good money for it. Whether or not any deals will be inked, remains to be seen. It is an exciting opportunity for Powerview-Pine Falls, although it remains to be seen what the future holds. Its hydroelectricity and dedicated infrastructure certainly make for an appealing location. Additionally, more jobs can only be considered to be a good thing as well.
Header image courtesy of Shutterstock
Source: Read Full Article
Canadian Billionaire on Bitcoin: Central Banks Will Try Very Hard to ‘Undermine’ It
Bitcoin's Higher High Shows Just How Weak Fiat Currencies are Becoming
Генеральный директор Abra Global считает, что стоимость Bitcoin восстановится в этом году
Was this weekend different than the previous ones for Bitcoin?
Is Bitcoin a Better Covid-19 Safe Haven Asset or US Treasury Bonds?