Link Global, a Canadian Bitcoin mining company, faces a $5.6 million fine

A Bitcoin mining company listed on the Canadian Stock Exchange faces Link Global Link Global, significant potential penalties for operating unauthorized power plants in Alberta.

As the Alberta Public Utilities Commission issued (AUC), which is the regulator for the province's power utilities, in 24 September Another enforcement memorandum against the company, recommending enforcement officers several penalties for violating county legislative requirements.

According to a document shared by UNHCR with Cointelegraph The law enforcement officials in the committee recommended that the company pay an economic rebound of about 2 Million Canadian Dollar (1.6 Million dollars) in exchange for financial gain from illegal electricity generation.

The regulator is seeking more than 5 Millions Canadian Dollar (4 million USD) from the company's Bitcoin mining operations, based on Bitcoin Corporation's purported gross economic benefit calculations, which belong to Link Global from two manufacturers.

In addition, the Alberta Public Utilities Commission is seeking an additional administrative fine of 81 one thousand Canadian Dollar (64 one thousand dollar).

It also estimated the economic benefit to Link Global based on a more conservative generation rate of 1.2 Bitcoin daily (the most conservative is 95 one thousand TH front side 10 megawatts).

The committee noted that the company's source of revenue is mainly based on hosting or selling electricity to a third party of digital miners in the asset field, with a smaller percentage of revenue coming from self-mining activities.

Submit Link Global's response

A spokesperson for the Alberta Public Utilities Commission told Coin telegraph that:

“The report and recommendations of the Implementation Officers are only part of the information that will be assessed and considered by the Panel of the Court of the African Union Commission, consisting of members of the Commission.”

Where Link Global received an extension until October 14/ October 2021 as the last date for submission of its response. The representative of the company said:

“All of this information is being considered in an oral hearing, before the final verdict is issued. The date of this meeting has not yet been set.

After submitting the company's response, the CEO Stephen Jenkins In a statement Thursday, it said the company had admitted wrongdoing, and was working hard to right the wrongs:

“We work to respect the laws, people and the environment, and we believe our defense of the committee will prove that.. I apologize to the shareholders who do not deserve this, and we will work tirelessly to ensure that the outcome is positive.”

Did not respond Link Global immediately on request Cointelegraph And if the expulsion decision is implemented, it will only represent the second expulsion fine imposed by the Committee after it approved in 2015 settling in an amount 56 Million Canadian dollars for a company TransAlta for electric power generators.

As previously mentioned, the commission initially asked the company to cease operations in late August, after local residents complained about the noise of a nearby power station.