TL; Fault DR
- Mining company BTC will be fined up to $ 6 million
- According to the ruling, the Canadian Stock Exchange is reviewing the Link Global list in CSE.
- Link Global has been fined $ 450,000 by the Alberta Municipal Services Commission (AUC).
A Bitcoin mining company (BTC) listed on the Canadian Stock Exchange, Global Technologies Limited, faces potentially heavy fines for operating illegal power plants in Alberta.
Link Global has been fined $ 450,000 by the Alberta Water and Electricity Commission (AUC), the regulator of the province’s electricity services, for violating Alberta legal requirements. Link Global has also been fined $ 6 million by Ontario energy regulator for violating electricity transmission laws. On September 24, Link Global was fined $ 300,000 and another $ 300,000 in damages. The fine was imposed for operating illegal power plants in Alberta.
According to the ruling, the Canadian Stock Exchange is reviewing the Link Global list in CSE.
Mining company BTC has illegally generated electricity
In order to reap the financial benefits of illegal electricity generation, the AUC Executive Board recommended that Link Global pay $ 2 million ($ 1.6 million) in economic damage.
Canadian securities regulators, on the other hand, are seeking more than C $ 5 million ($ 4 million) from Global Link Bitcoin mining operations as a result of AUC calculations that estimate the total global link gross profit for the two factories. In addition, the AUC is requesting a further CAD 81,000 ($ 64,000) in two administrative penalties.
According to the proposal, the AUC used a “conservative production rate of 1.2 bitcoins per day” and “more conservative than 95,000 TH of computing power versus 10 megawatts” to calculate Link Global’s economic advantage. The agency said Global Link’s main source of revenue was hosting and selling electricity to third parties.
AUC has given Link Global until October 14, 2021 to respond to this action. Sources reveal that Link Global is expected to challenge the regulator’s claims in court, as well as resolve issues privately by agreement with the regulators or otherwise.
Link Global is a Vancouver-based company that uses cryptocurrency mining data centers in northern China and Iceland. Link Global has been listed on the Canadian Stock Exchange since September 2017 and is currently trading at $ 1 per share with a market value of about $ 2 million.
CSE has stated that it will continue to monitor any progress with Link Global and related parties and may remove the BTC mining company from the list if Link Global does not comply with the AUC ruling by October 2019.
An AUC spokesman said: “Executive staff reports and recommendations are just one aspect of the evidence being reviewed by the AUC panel of commission members.”
Pending the final decision, the company has been extended until October 14, 2021 to submit its response. All this information will be reviewed orally before a final verdict is issued. The date of this meeting has not been determined yet. “
Following the AUC complaint, Link Global CEO Stephen Jenkins issued a statement Thursday acknowledging the abuse and vowing to correct the mistakes.
“Our company is trying to follow the rules, the people and the environment, and we feel that our submission to the AUC shows this. We apologize for what happened. To assure our investors that they deserve it. “No, we will work tirelessly to ensure a good result.”
The court’s decision to impose a $ 400,000 fine and the AUC order to repay almost 30 of the payments between July 13, 2012 and March 21, 2015, from two wind farms in the northeast corner of BC, is something that has never happened before in Canada. History – this way will undoubtedly be a priority for future events
According to the statement, the AUC initially ordered Link Global to shut down in late August as local residents complained about noise from a nearby power plant.