The Navajo Nation’s Bitcoin story may have been the most instructive of the past few months. The mine not only provides jobs within the reserve, but helps them transition from providing coal-fired energy to renewable energy sources. Another case study that proves Bitcoin catalyzes and finances green energy. Another story of Bitcoin helping the world’s underprivileged to find a foothold.
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To what extent are the Navajo deprived of the right to vote? “The federal government took all land rights from the Navajo people,“A disembodied voice says in the small documentary Compass Mining. According to him, Among the Nation:
- 48% are unemployed
- 40% live without running water
- 32% live off-grid
- 33% live below the poverty line
“But the Navajo are resilient people who have claimed the southwestern desert to be their home since time immemorialThe manager said Will Foxley via Twitter. And now, they have Bitcoin on their side.
The first bitcoin miner in the Navajo region
Audio-visual widget comes with This text is a companionWhich tells the story of how the first Bitcoin miner appeared:
In 2017, a small Canadian company called West Block approached Navajo about building a mine on Navajo land. With an 8 megawatt (MW) size after the initial round, Navajo invested in a stake in the mine during the 2018 bear market. Three years later, bitcoin mining has turned a corner into one of the most profitable bitcoin segments in its own right.”
Apparently, 58% of the mine’s energy actually comes from the pictured solar farm. “Bitcoin miner spurs renewable energy to be built in Navajo country to replace coaThe narrator of the mini-documentary says: Foxley claims thatBitcoin Miner Uses Navajo Energy on Navajo Land for Navajo Employment. However, the text states thatNavajo opted for divestment to make a profit. “This move was positive, although it ended”Putting money back into the hands of the Navajo people with investments in public utilities.“
Not only that, the mine uses renewable energy from the abundant Navajo Sun. Neighboring cities were taking Navajo (coal) energy from the reserve.
But the bitcoin miner is using Navajo energy on Navajo land to hire in Navajo. pic.twitter.com/NZUwigZ4vP
– Will Foxley 🧭 (@wsfoxley) November 4, 2021
The Navajo Nation’s Transition to Clean Energy
In the past, Navajo had its luster with filthy forms of energy. The text summarizes them this way.
“The Navajo story in the twentieth century is full of energy abuse, including malpractices in extracting coal and uranium for people outside the reserve. Today’s Navajo generation continues to live with these negative externalities, such as high levels of radiation in well water.”
However, as the world tries to phase out coal-fired power, Navajo is innovating to keep up with the times. According to Walter Haas, head of the Navajo Tribal Facilities Authority, “I had a surplus of electricity that I still had to pay for and deal with. Now, I want to build renewable energy to make up for lost coal resources scattered across the country. I need someone to consume this renewable energy source.“
Who can consume that energy? wonder. What industry is mobile enough to move into the desert and start making money for everyone right away? Well, this little documentary is about exactly this phenomenon.
BTC price chart for 11/06/2021 on CEXIO | Source: BTC/USD on TradingView.com
Jobs for the Navajo People
Traditionally, the Navajo did not want to leave the reservation. However, there are not many employment options out there. Until the advent of Bitcoin, that is. According to FoxleyThe mine now hosts about 3,000 machines. According to the text,The facility currently employs full-time employees. With the expansion, that number will increase to eleven. This money then flows from the mine to local jobs, creating more noise.“Not only that, the narrator of the documentary promises”More mines are scheduled to come online in the coming months.“
Related reading | Bitcoin mining vs. World: BTC leads sustainable energy
Given that a mining company has commissioned both the audiovisual piece and the text, we can assume who is behind those”More scheduled mines. ” We salute them.
Featured Image: Screenshot from the mini-documentary | Charts by TradingView