A Long Forgotten Town in Canada Finds Hope in Bitcoin

A Long Forgotten Town in Canada Finds Hope in Bitcoin
фото показано с : blokt.com

2018-9-6 13:59

Ocean Falls in British Columbia is nothing short of a ghost town now. The little village is witnessing its past crumble down as old buildings are giving up to the elements. For decades, there has not been a ray of real hope in this place, and the population has declined from 5,000 to below 100. The town’s old paper mill is now home to a new kind of business, which could help in bringing back the town’s past. A Bitcoin mining company — Ocean Falls Blockchain — found a home in the town this summer.

A New Beginning and Newfound Relevance

Canada is one of the most popular countries for Bitcoin miners to set up. The cold climate helps in keeping energy bills down and increases profits for the miners. Ever since the paper industry went bust in the Ocean Falls region, there was not much left to do in the town. The old Ocean Falls dam uses less than a third of its 13-megawatt capacity to electrify the town, as well as nearby towns — Bella Bella and Shearwater. The damn is not connected to the grid, making it a perfect catch for a power-intensive business like Bitcoin mining.

The town is accessible only by seaplane or boat and is located 300 miles from Vancouver, providing an extra advantage to mining businesses that do not want to disturb a population with the low humming of their cooling fans.

What’s Next for Ocean Falls?

The Bitcoin mining operation in Ocean Falls is an advantage to the town. However, one should note that Bitcoin mining doesn’t necessarily provide permanent jobs to people in the local region. Additionally, it consumes power and creates noise — an unpleasant scenario for the town dwellers. Bitcoin comes with a lot of uncertainties. The volatile price of the Bitcoin and its violent movements up and down could mean that the town sees a spurt of mining activity, but then miners calling it a day if conditions worsen and it becomes unprofitable. On the other hand, this could be the first step of Ocean Falls recovery.

A Long Forgotten Town in Canada Finds Hope in Bitcoin was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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bitcoin town hope long canada finds forgotten

Источник: blokt.com

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