Labrador City shop gets region's first bitcoin machine

Bitcoin mines have been popping up in Labrador West, and now any resident who wants to own their own bit of the currency can pick some up at a corner store.

Tobin'sConvenienceis home to Labrador's first bitcoin machine.

"It's growing, there's more and more people coming in all the time using it," owner Brenda Tobin said. "It's definitely catching on, people are excited about it."

Two data centre companies that mine the digital currency have set up shop in Labrador City thus far and because of the cheap power and cold weather two things bitcoin miners need in abundance there is interest from others who want to set up shop.

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Tobin's, which carries many specialty items, hopesthe machine will be a draw to lure peopleinto the store.

"It's getting them in the store. Then if they like what they see and the customer service, then they're likely to come back again," co-owner Trevor Tobin said.

'New ideas'

The shop would also like to one day accept the cryptocurrency in exchange for goods in their store.

"We've always got to be innovating [and] creating new ideas,"he said.

The ownersare planning on installing another machine in another shop they own.

"I see it as growing around the world where it could be the next big currency that everyone is using in the future, so we're just jumping on now and going for the ride," he said.

"Keep on top of the technology," Brenda added.

Mining town

The local company, BlockLABDevelopment and Services,which placed the machine inTobin's,is also applying to the town council in nearbyWabushto set up their own data centre to mine for bitcoin.

"It's kind of ironic that we're here in a mining town" Michael Darrigan of BlockLABsaid. "We also want to be on the forefront of the future here as well."

Darrigan is watching the popularity of the machine and if it keeps up, he'd like to expand in the future.

"If it remains popular we will have a second machine here where you can buy and sell currency."