Back in the late 1700s, Spanish explorers searching for gold named a Vancouver Island river Rio de Oro; or Gold River.

Though the village which was named after the river made more of a name for itself with forestry and the pulp and paper industry, a potential new project could spark a resurgence in the B次元官网网址済old rushB次元官网网址� mentality.

At their March 21 meeting, the Village of Gold River made Bitcoin mining an allowable use for industrial-zoned land in the village. The move was to take a step forward on a proposed project to build a Bitcoin mining facility at the old pulp mill site owned by West Coast Marine Terminals.

B次元官网网址淭his isnB次元官网网址檛 saying the project is a go, itB次元官网网址檚 just another stage of it,B次元官网网址� said village Mayor Brad Unger. B次元官网网址淲hat it does is for that piece of property, it just allows this type of work.B次元官网网址�

Bitcoin mining is the process of creating new Bitcoins. Basically, a Bitcoin mining operation is a collection of computers that solve mathematical problems and receive rewards. These rewards are Bitcoin. However, in order to get the reward, the computer has to be the first in the world to solve a given problem. That leads to needing more and more computing power to solve a problem. Bitcoin mining is becoming more and more energy intensive. According to , as of March 14, 2022 one Bitcoin transaction used an estimated 2,258.49 kWh to complete. However, one Bitcoin is worth $55,299.81 CAD as of March 24.

The project will need to go through a system impact study with BC Hydro. Though it is very energy intensive, Unger does not think the operation B次元官网网址� if approved B次元官网网址� will have much of an effect on the Gold River power grid.

B次元官网网址淏ack when the mill site was running, it had itB次元官网网址檚 own power grid,B次元官网网址� Unger said. B次元官网网址淚t used between 100 and 125 megawatts. This project will use five megawatts, and it wonB次元官网网址檛 be on our village grid.B次元官网网址�

The company behind the project is called Ocean Falls Blockchain. They currently operate a cryptocurrency mining farm in Ocean Falls B.C., also located at an old mill site. According to an Ocean Falls press release, that site operates at two megawatts, and is run using clean energy.

B次元官网网址淭he initial results from the viability tests look great,B次元官网网址� said Oded Orgil, CEO at Ocean Falls Blockchain about the Gold River project. B次元官网网址淲e are very excited for this partnership, it would mean a milestone achievement for Ocean FallsB次元官网网址� pursuit of clean energy solutions to support the backbone of decentralized networks like Bitcoin.B次元官网网址�

The project will make use of BC HydroB次元官网网址檚 hydroelectric power, which has less of an environmental impact than fossil fuel-based electricity.

Unger said that the village council is interested in supporting a variety of initiatives at the mill site, including the ongoing aquafarms project, and potential greenhouses; which have the potential to use some of the excess heat generated by the Bitcoin mining operation.

B次元官网网址淲est Coast Marine Terminals is committed to making that siteB次元官网网址� a multi-use site,B次元官网网址� Unger said. B次元官网网址淲e all know what happened when there was just the pulp mill, when the pulp mill went down, that was the end of it. ItB次元官网网址檚 been 22 years since then and weB次元官网网址檙e still trying to do our whole economic development. Council strongly supports redevelopment of that site and if West Coast Marine Terminals comes forward with something, weB次元官网网址檙e going to support it.B次元官网网址�

B次元官网网址淲e believe this potential partnership is a pivotal opportunity for West Coast Terminals to bridge our strategic interests and access to infrastructure in Gold River with the growing Canadian blockchain technology sector,B次元官网网址� said Kent OB次元官网网址橬eill, General Manager at West Coast Marine Terminals.

The project is anticipated to start construction later this year. Construction will support 20-25 jobs, and once the Bitcoin mine is up and running it will create five to eight jobs.

B次元官网网址淭he project may only make 5-8 jobs, but thatB次元官网网址檚 5-8 families that arenB次元官网网址檛 working,B次元官网网址� Unger said.

B次元官网网址淭he project, more jobs, more industrial companies working on the site is more tax dollars for the village tax base.B次元官网网址�

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