Link Global, Bitcoin Mining Firm from Canada Faced with a Huge Penalty

According to the latest reports, a major mining company for Bitcoin from Canada has ended up facing a huge penalty from a Canadian regulator. The name of the particular company is Link Global Technologies. It is reportedly listed on the Canadian Securities Exchange.

The data shows that the Bitcoin mining company has recently faced a huge penalty for the usage of unauthorized power plants. In the fine, it has been reported that the company has been utilizing the power generated by Alberta-based power plants.

The complaint had been filed by the power utility regulator from the province of Alberta. The name of the particular regulatory authority is “Alberta Utilities Commission”. Following the complaint, enforcement had been issued by the AUC on September 24, 2021.

In the complaint, several penalties had been proposed by the enforcement staff against Link Global Technology. The enforcement authority proposed that several penalties must be imposed on the company following the breach of legislative requirements in Alberta.

In the proposal, it was added by the enforcement staff that economic disgorgement must be paid by Link Global. In the proposal it was added that the Bitcoin mining company must pay about CAD 2 million, translating to $1.6 million. The regulator claimed that the fine must be paid by the company for electricity generation in an unlawful manner.

According to the regulatory authority, the regulator is aiming to impose a total of CAD 5 million on the Bitcoin mining company. At the time of writing, the mentioned figure translates to $4 million.

The regulator has revealed that the amount has been finalized after going through calculations and assessments of the gross income the company has made from the power of two unauthorized plants. Furthermore, the AUC is also aiming to impose a couple of administrative penalties on Link Global, which may see the company paying an additional CAD 81,000.

The AUC has alleged that while Link Global is a Bitcoin mining company, the majority of the revenue and income it generates is by selling electricity power to third-party cryptocurrency miners.

The authority has claimed that with the current 10 MW power generation, Link Global has been mining 1.2 Bitcoin per day.

For now, the recommendations made by the enforcement staff against Link Global Technologies are being reviewed by the AUC. However, it is expected that the regulator may indeed proceed with imposing the fine on Link Global.

For now, the AUC has sent a notice over to the legal team at Link Global Technologies. In the notice, the AUC has mentioned that Link Global has a deadline until October 14, 2021, to revert with their return response on the matter.