North East Entrepreneur Invests £500,000 in Canadian Blockchain Venture
An entrepreneur from County Durham has made a significant investment of £500,000 in a Canadian bitcoin mining venture, capitalizing on the country’s abundant hydro-electric power capacity.
Alex Lineton, formerly the managing director of Newton Aycliffe grounds maintenance company Beaumont Machinery, has invested in Vancouver-based Mine One Blockchain Inc.
Bitcoin mining involves the use of high-powered computers that consume substantial amounts of energy. Lineton’s investment includes the utilization of spare capacity at a local hydro-electric plant.
The move comes amidst ongoing debates surrounding the role of bitcoin, a digital cryptocurrency. While some economists dismiss it as worthless, others argue that it has proven its value in recent years.
Speaking about the investment, Lineton stated, “Mine One Blockchain Inc. is a blockchain infrastructure company aiming to demonstrate that cryptocurrency mining can be conducted on a large scale in an environmentally friendly and sustainable manner.”
He further added, “Canada, with its surplus hydro power, can address the global demand for Bitcoin mining, especially with the shutdown of Chinese miners. Our goal is to create a carbon-neutral hydroelectric mining development in Canada, utilizing only renewable and carbon-neutral energy sources, alongside cutting-edge mining rigs. The company has immense potential and is rapidly scaling.”
Bitcoin, a digital currency established in 2009, is not considered legal tender in most jurisdictions and is not backed by governments or central banks. Nevertheless, it is traded online, with the current value of one bitcoin approaching $50,000.
Bitcoin mining involves the process of introducing new bitcoins into circulation by solving complex mathematical problems using sophisticated computers.
Despite skepticism surrounding the currency, Lineton views it as a sound investment, stating, “Bitcoin continues to captivate people’s attention. It may be relatively new, but its value is undeniable. While many believed Bitcoin had reached its peak a few years ago, it has since stabilized and witnessed significant growth in recent months. What many fail to realize is that Bitcoin is likely to become the currency of the future.”
If successful, Lineton expressed the possibility of listing Mine One Blockchain on the Toronto Stock Exchange.
Stay tuned for more updates on this exciting development.
