The Navajo Nation Is Mining Bitcoin With Sustainable Energy. Here’s How

The Navajo Nation’s Bitcoin story might be the most wholesome of the last few months. The mine isn’t only providing employment within the reservation, it’s helping them transition from providing coal-powered energy to renewables. Another case study that proves Bitcoin incentivizes and funds green energy. Another story of Bitcoin helping the disenfranchised people of the world to find their footing. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course How disenfranchised are the Navajo? “The Federal Government took away all the land rights away from the Navajo people,” says a disembodied voice in the Compass Mining mini-documentary. According to it, among the Nation: 48% are unemployed 40% live without running water 32% live off the grid 33% live below the poverty line “But the Navajo are resilient people who’ve claimed the desert Southwest as home since time immemorial,” said director Will Foxley via Twitter. And now, they have Bitcoin on their side. The First Bitcoin Mine In Navajo Territory The audiovisual piece comes with this text as a companion, which tells the story of how the first Bitcoin mine came to be: “In 2017, a small Canadian firm named West Block approached the Navajo about building a mine on Navajo land. At 8 megawatts (MW) in size after the initial round, the Navajo invested in an equity stake in the mine during the bear market of 2018. Three years later, Bitcoin mining has turned a corner to become one of the most profitable sectors of Bitcoin itself.” Apparently, 58% of the mine’s energy already comes from the depicted solar farm. “The Bitcoin mine is incentivizing renewables to be built on Navajo country to replace coal,” says the mini-documentary’s narrator. Foxley claims that “the Bitcoin mine uses Navajo energy on Navajo land for Navajo employment.” However, the text states that “The Navajo chose to divest themselves at a profit.” The move was positive, though, because it ended up “placing the money back Navajo peoples hands with investments into the public utilities.” Not only that, the mine uses renewable energy from the abundant Navajo sun. Nearby cities used to take Navajo energy (coal) off the reservation. But the Bitcoin mine uses Navajo energy on Navajo land for Navajo employment. — Will Foxley shares this Contents always with License.

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