Thursday, April 20, 2023

Cryptocurrency notes by Skeena MLA Ellis Ross spark some debate on his social media stream

Skeena MLA Ellis Ross recently
shared thoughts on the potetnial
for crypto currency infrastructure 
in the Northwest region
It's a topic that hasn't quite made it as a mainstream current for conversation yet. 

But for Skeena MLA Ellis Ross a recommendation to explore the prospects for Cryptocurrency operations in the northwest is something worth a look.

In a recent social media post to his Facebook page,  the MLA, while stressing that he was not endorsing the concept of crypto currency,  provided his overview of  how Crypto mining and data infrastructure might work in the region and the employment that it may generate for residents in the northwest.

Noting of some of the restrictions that have been put in place towards Oil and gas in the province, Mr Ross observed of some of the opportunity he believes that the new industry of crypto related themes could offer towards a further diversification of the regional economy.

"For a community like say Terrace or Kitimat or even some of our First Nation communities like Nisga'a or Kitimaat Village, Crypto currency or data centres is a huge opportunity, It's happening all around the world and they wanted to come to BC for the last five years, they wanted to. But they don't feel welcome for a number of reasons"

Among the key elements towards such a venture is access to a large supply of electricity, something that as a few folks responding to his review noted, is currently a significant issue. With the current industrial footprint taking some significant load and oncoming projects set to ask for even more. from BC Hydro

That's a theme the MLA explores as well, noting of plans for a 3 billion dollar upgrade for BC Hydro infrastructure currently under consideration.

"I've brought crypto currency people to Kitimat to look at some of the sites, I've brought people from Alberta that were actually building data centres in Alberta, I brought them to BC.

But they go away, they don't feel welcome here in BC.

But , Two question marks:

Do we have enough electricity load here in the Northwest and rural areas to sustain the data centre or crypto currency centre 

And Number Two:

Can our policies  be freed up of the red tape to allow a new industry to locate as quickly as possible same as the infrastructure that is there and we have a community that's willing to do it.

By the way, these companies want to do business with First Nations because they feel its easier because there's less rules and First Nations can basically do what they want on reserve which is true to a certain extent.

Either way it's a huge boost to our economy, I've always believed that we need a diversified economy.

You need LNG, you need Forestry, you need mining but you gotta be part of the digital world you've got to be part of the new economy as well.

We could have it all, it's something I think we should revisit , it's good for BC, it's good for Canada"

You can review the MLA's overview of both the crypto themes and BC Hydro infrastructure  elements from his Facebook video stream.

The commentary to hist social media post  however, offers up an indication that the MLA's view of the future for cryptocurrency may not be a universally shared one towards diversification of the regional economy.

It's an interesting conversation point for the MLA to take on, one that is not currently on the horizon for the province and not one that has been particularly endorsed with any volume by his own BC United party.

The development of crypto currency and its place in the larger economic foundation is still somewhat of a murky topic for most of us; the elements of crypto development still very much of a mysterious thing.

The overview of crypto and it's potential place in Northwest BC one that should generate some discussion beyond his social media stream as well.

More notes on the work of MLA Ross can be reviewed through our archive page.

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