According to a Hydro-Québec newsroom report, the company has asked the electricity transmission and distribution regulator, Régie de l’énergie, to cease offering services to crypto miners. The Hydro-Québec report stresses that “growth in electricity demand is expected to continue in Québec.
Hydro-Québec Targets Blockchain Industry in Order to Stave off Electricity Demand
Cryptocurrency miners in Québec may need to find new sources of energy if Hydro-Québec’s request to the lead distribution regulator Régie de l’énergie is approved. The request mentioned at the end of the electricity demand study is a “request to suspend the allocation of electricity to the blockchain industry.”
There’s a number of digital currency mining operations in Québec and in mid-September, reports had shown that Québec’s Mohawk Council of Kahnawake planned to petition Hydro-Québec for electricity dedicated to bitcoin mining. Hydro-Québec’s newsroom report says that while it has taken steps to increase capacity, there’s been a “significant increase” in demand from blockchain miners.
“In light of the significant increase in the anticipated demand for electricity and the tightening energy and capacity balances, Hydro-Québec filed a request with the Régie de l’énergie regarding suspension of the allocation process to the blockchain industry,” the report discloses.
The Hydro-Québec report adds:
Under this process, approximately 270 MW were slated to be dedicated to cryptographic use over the short term, but the allocation of that amount of capacity to this use would increase pressure on current balances.
It’s unclear how the request will affect miners operating in Quebec and it’s also unknown exactly how many facilities are leveraging Hydro-Québec’s resources. Hydro-Québec says it also increased capacity by adding a “3,000-MW portfolio of wind power projects.”
Tags in this story
Bitcoin, Bitcoin (BTC), Bitcoin Miners, Blockchain Industry, capacity, crypto miners, distribution regulator, electric demand, electric distribution regulator, Electricity, electricity resources, Hydro-Québec, Miners, mining, Mining Crypto Assets, power company, Quebec, Québec BTC Mining, Québec miners, Régie de l’énergie
What do you think about Hydro-Québec’s request to block the crypto mining industry from electricity resources? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Derek Robbins / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
More Popular NewsIn Case You Missed It