Canadian Town Ocean Falls Bets Revival on Bitcoin Mining

[Goodcat49]

Ocean Falls, a tiny town located on the Central Coast of British Columbia (B.C), a Canadian Province which is only accessible by boat or seaplane, is placing its recovery and revival on Bitcoin mining.

Ocean Falls used to be a firm town fully owned by Crown Zellerbach and registered population growth from 250 in 1912 to approx 3,500 in 1950.

Even though low labor costs, low infrastructure costs and inexpensive hydropower had made Ocean Falls mill a fertile business within the first half of 20th century, the remote location of the town, high labor costs and increasing costs of operation and maintenance in the town led it to be a less attractive place for investment, and by the early 70s, it had turned uneconomical.

Cool Weather Facilitates Bitcoin Mining
So by March 1973, Crown Zellerbach, the owner of the mill, opted to shut down the plant. The B.C provincial government purchased the town and mill at a very less price shortly before the plant was closed, and kept it running until the year 1980. By the year 1990, only around 70 people (especially loggers) remained. Currently, while there is still a residential community, Ocean Falls is basically considered a ghost town, and home to only a few dozen strong-hearted residents.

The dam which powered the mill plant can even now generate almost 13 mW of electricity, of which some has been serving the neighboring towns of Bella Bella and Shearwater. Though two-thirds of the capacity still looks for new industrial purposes.

Many years back, Boralex, the private utility firm which owns the dam, began receiving calls from Bitcoin miners that were searching for a place with cool weather, cheap hydropower and a stable government. These received phone calls were routed to the Boralex's operations manager for B.C, Brent Case.

Several cryptocurrency business maniacs who approached Brent hadn't carried out thorough planning, and so he wasn't impressed. Albeit, Brent, who was really searching "for a savior for the town," at last he landed at Kevin Day, a Vancouver-based businessman, who appeared to possess a more credible plan.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/canadian-town-ocean-falls-bets-revival-on-bitcoin-mining/