Bitcoin mining is a far more versatile industry than people give it credit for. In the case of Ocean Falls – a small town in Canada – it is quickly becoming a hub of cryptocurrency mining activity. After four decades of struggles, the town is now enjoying a positive spell of industrial activity.
Ocean Falls Meets the Bitcoin Revolution
The past few decades have not been easy for the Canadian town of Ocean Falls. While it was set to undergo an industrial revolution many years ago, numerous concepts have come and gone without making a meaningful impact. The paper mill has been the most successful venture in this part of Canada to date, but it was not sufficient to keep the town afloat financially.
Things have finally come to change in this regard. Despite its population falling from 5,000 to just 100, the region has attracted the attention of Bitcoin mining enthusiasts. More specifically, the paper mill has been turned into a full-fledged Bitcoin mining operation. Despite the associated noise generated by the cooling units, the mine is still expanding as time progresses.
This is achieved primarily because of the abundant access to renewable energy. Ocean Falls sits close to a dam, which can generate 13 megawatts of electricity. With most of the produced electricity being left unused for long periods of time, the Bitcoin mining firm is picking up the slack. Even though the dam wasn’t connected to the local power grid, it was a hurdle which could be easily overcome with some money and hard work.
It is expected the city of Ocean Falls will continue to attract even more Bitcoin mining firms in the future. Its location seems well-suited for this type of activity. The nearby dam generating electricity will offer cheap electricity to those looking to mine Bitcoin or other cryptocurrencies. Despite the attention of these mining operators, the future of Ocean Falls is anything but set in stone. The potential lack of permanent jobs and no incentive for businesses to locate nearby can prove to be hindrances first and foremost.
Regions such as Ocean Falls can benefit from Bitcoin mining activity. Although the town has seen its fair share of struggles, there is no reason to think things cannot improve as time progresses. For the time being, it remains to be seen how big of an impact the Bitcoin mine will make, as it has only been in operation for a few months. If other companies take an interest in this region, interesting things are bound to happen.