The Navajo Nation’s Bitcoin history could be the healthiest of the past few months. Not only does the mine provide jobs on the reserve, but it also helps them transition from providing coal power to renewable energies. Another case study that proves that Bitcoin provides incentives and funds green energy. Another story of bitcoin helping the disenfranchised people of the world gain a foothold.
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How disenfranchised are the Navajo? “The federal government withdrew all land rights from the Navajo people,“Says a disembodied voice in the mini-documentary by Compass Mining. Accordingly, under the nation:
- 48% are unemployed
- 40% live without running water
- 32% live from the network
- 33% live below the poverty line
“But the Navajo are resilient people who have always claimed the desert southwest as their home“Said director Will Foxley on Twitter. And now they have Bitcoin on their side.
The first bitcoin mine in Navajo Territory
The audiovisual piece comes with me this text as a companionthat tells the story of the creation of the first Bitcoin mine:
“In 2017, a small Canadian company called West Block approached the Navajo to build a mine on Navajo land. With a size of 8 megawatts (MW) after the first round, the Navajo invested in a stake in the mine during the bear market of 2018. Three years later, bitcoin mining has turned around and has become one of the most profitable sectors of bitcoin itself. “
Apparently, 58% of the mine’s energy already comes from the solar park shown. “The Bitcoin mine is incentivizing the building of renewable energy in Navajo land to replace Coal, ”says the narrator of the mini-documentary. Foxley claims that “the bitcoin mine uses Navajo energy on Navajo land for Navajo employment. “However, the text says:”The Navajo have chosen to sell at a profit. “The move was positive because it ended”return the money to Navajo peoples with investments in public utilities.”
In addition, the mine uses renewable energy from the abundant Navajo sun. Nearby cities used to take Navajo (coal) energy from the reserve.
But the bitcoin mine uses Navajo energy on Navajo land for Navajo employment. pic.twitter.com/NZUwigZ4vP
– Will Foxley 🧭 (@wsfoxley) November 4, 2021
The Navajo Nation’s Transition to Clean Energy
In the past, the Navajo used dirty forms of energy. The text summarizes them in this way.
“The 20th century Navajo history is full of energy misuse, including misconduct in extracting coal and uranium for people outside the reserve. The current generation of the Navajo continues to live with these negative external effects, such as the increased radiation in well water. “
However, as the world tries to phase out coal-powered energy, the Navajo innovate to keep up with the times. According to Walter Hasse, president of the Navajo Tribal Utility Authority, “I had excess electricity that I still had to pay for and use. Now I want to build renewable energy to replace my lost coal resources across the country. I need someone to consume this renewable energy source.”
Who could use this energy? we wonder. Which industry is mobile enough to move to the desert and start making money for everyone right away? Well, the mini-documentary is all about this phenomenon.
BTC price chart for 06/11/2021 on CEXIO | Source: BTC / USD on TradingView.com
Jobs for the Navajo people
Traditionally, the Navajo do not want to leave the reserve. However, there aren’t many job opportunities there. That is, until Bitcoin appeared. According to Foxley, the mine is now home to around 3,000 machines. According to the text, “The facility currently employs two full-time staff. With enlargement, that number will grow to eleven. That money then flows out of the mine into local jobs, which creates even more buzz.“Not only that, promises the narrator of the documentary”more mines are slated to go online in the coming months.”
Related reading | Bitcoin mining vs. the world: BTC is a leader in sustainable energy
When you consider that a mining company commissioned both the audiovisual piece and the text, we can guess who is behind it “further mines planned. ” And we greet you.
Recommended image: Screenshot from the mini documentation | TradingView charts
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