Vancouver, British Columbia--(Newsfile Corp. - August 27, 2021) - Alex Lineton, CEO of Mine One Blockchain Inc, has ambitions of floating his Canadian firm on the Toronto Stock Exchange.
UK Bitcoin entrepreneur taps into spare Canadian hydro power to launch Vancouver venture with £500k investment
Alex Lineton, CEO of Mine One Blockchain Inc, has ambitions of floating his Canadian firm on the Toronto Stock Exchange.
Alex Lineton, CEO of Mine One Blockchain Inc, has ambitions of floating his Canadian firm on the Toronto Stock Exchange.
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A UK based entrepreneur has ambitions of floating a Bitcoin business on the Toronto Stock Exchange after investing £500,000 in a Canadian mining venture.
Alex Lineton is the UK CEO of Vancouver-based Mine One Blockchain Inc, which has invested a quarter of a million sterling in infrastructure, equipment and hydro power.
Bitcoin mining, which is growing hugely in the US, is performed by high-powered computers that solve complex computational math problems, with miners using increasingly complex machinery to speed up mining operations and 'mint' Bitcoins.
But there's a worldwide shortage of Bitcoin miners after China shut down mining operations earlier this year.
Canada - which is the world's fourth-highest producer of hydro power - currently has 8% spare hydro energy capacity.
And with Bitcoin mining demanding huge amounts of energy, Mr. Lineton has acquired spare, carbon neutral hydro capacity in Canada to run a sophisticated Bitcoin mining operation.
He explained: "Mine One Blockchain Inc. is a blockchain infrastructure company, with the aim of demonstrating that cryptocurrency mining can be done at scale in an environmentally friendly and sustainable way.
"Canada is producing all this hydro power, the world has a problem with Chinese miners being shut down, and we need to keep Bitcoin transactions going,
"So we're taking Bitcoin mining, which is in huge global demand, to somewhere that has a lot of spare power capacity, to create a carbon neutral hydro electric mining development in Canada to provide the infrastructure for Bitcoin.
"By using only renewable and carbon neutral energy sources, in association with next generation mining rigs, the company has huge potential and is already rapidly scaling."
With two recent increases in its value jumping from the level of $29,000 on July 20 to a high of nearly $48,000 on August 16, Mr. Lineton says the combination of Canada's spare power capacity together with the growing price of Bitcoin convinced him to target Vancouver.