certify
Home arrow Article arrow Article Detail

$7 million in fines are being levied against an illegal Bitcoin operation in Alberta.

Profile Image

Pavan A Follow

INDIA

Oct, 05 2021

Oct, 05 2021

likes 0 | comments 0

Article Image

After building up a power plant without a license, a Canadian crypto mine might face fines of up to $7 million after locals began to protest about the farm’s loud gas generators, which led to the discovery of the mine.

Link Global, a Vancouver-based business that ran the mine, has also had another mine shut down due to a lack of legal authorization.

Last year, the company installed four 1.25 MW gas generators in Sturgeon County, about 10 kilometres northwest of Edmonton. To power computers that mine digital currency, the generators utilized electricity from a dormant natural gas well, which was owned by MAGA Energy in Calgary.

At first, the company criticized the move by Alberta’s provincial utility commission (AUC) for the employment that would be lost if the oil and gas operation was shut down. Finally, Stephen Jenkins, CEO of Link Global, recognized that the mishap was his fault and that the project had not gone as anticipated. “It’s my fault. I take full blame for it. We did not consult with residents,” Jenkins said.

Despite complying with noise regulations, Link Global’s primary concern was its failure to file the necessary documentation to obtain permission to operate. The commission has suggested that the company should pay a $2 million “economic disgorgement” for the lost electricity. The AUC has also proposed a punishment of more than $5 million for financial gains from bitcoin mining

“Link Global received a significant economic benefit by immediately commencing operations at both power plants without taking any of the measures required to receive approval from the Commission or to qualify for an exemption,” AUC said in a statement.

The company plans to move the Sturgeon plant to minimize further disturbances for neighbors but will result in job losses.

Link Global is currently trying to put three 10 MW cryptocurrency mining facilities in western Alberta. Jenkins says the sites will probably be operational later this year after going through regulatory and community consultation. The reopening of operations near Kirkwall is now under consideration and will likely take place soon.


likes 0 Likes | comments 0 Comments

Profile Image

Pavan A

CBW - External Analyst

INDIA

Comments
Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.