North East Bitcoin entrepreneur eyes Canadian market with new six-figure venture

A County Durham entrepreneur has ambitions of floating a Bitcoin business on the Toronto Stock Exchange after investing £500k in a Canadian mining venture.

Alex Lineton is the UK CEO of Vancouver-based Mine One Blockchain Inc, which has invested half a million pounds in infrastructure, equipment and hydro power.

Canada – which is the world’s fourth-highest producer of hydro power – currently has 8 per cent spare hydro energy capacity.

With Bitcoin mining demanding huge amounts of energy, Mr Lineton has acquired spare, carbon neutral hydro capacity in Canada in a bid to run an efficient 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.”