A new Canadian centre specializing in the blockchain applications for industry has received approval for its application to run its operations with hydro-electricity from the Board of Commissioners of Public Utilities for Newfoundland and Labrador.
The Wabush-based BlockLAB Canada is touting the approval as a win for ensuring that the centre is one of the most environmentally-friendly blockchain centres in the world.
“We welcome the exciting news of the approval for our Aurora project site in Wabush, Labrador”, said Mike Darrigan, Co-founder and CEO of BlockLAB. “This project will showcase how a team of local experts, working with the community and stakeholders can bring a project like this to fruition.”
Last February, Forbes magazine reported that energy consumption is one of the major challenges associated with the expansion of blockchain technology. The article stated, “taking the most widely known and used blockchain as an example—Bitcoin—last year it was claimed that the computing power required to keep the network running consumes as much energy as was used by 159 of the world’s nations.”
Data centres currently account for about 13 megawatts of active power demand in Labrador.
The BlockLAB team is led by a group of Labradorians with significant industry experience, who are working to make Labrador West a hub for blockchain technology development.
“The Aurora project further solidifies BlockLAB as a Canadian leader in blockchain technology development and has a comprehensive plan to expand the business. We will do this while continuing to incorporate stakeholder and community engagement,” added Darrigan. “We know of the unique opportunity to continue the growth and success of BlockLAB while simultaneously working to strengthen our local community which we are very much a part of.”
Blockchain, the data architecture behind Bitcoin, is said by many to be a disruptive technology that will transform how we distribute commodities like electricity and water.