Hydro Quebec, Canada’s biggest electric supplier will temporarily halt orders from cryptocurrency miners. This decision was taken with the intention to furnish electricity demands to the whole province.
The power utility is currently now facing unprecedented requirement from block-chain businesses that surpasses Hydro Quebec’s short- and – medium-term capacity. For the forthcoming days, the company may document a program to the state’s energy regulator suggesting a decision procedure for block-chain industry requests.
In the purview of this, the provincial ruler is planning to reserve a block of energy specifically to address the power demands from the mining industry and also thinking to tackle peak demands during the winter season as well.
It is to be noted that power rates are cheaper in North America, for both domestic consumers and industries. The plan from Hydro Quebec’s is to exploit this condition to meet power demands from the mining industry. However, the company also intends to maximize revenue while ensuring economic benefits such as job creation.
As per president of Hydro-Quebec Distribution, Eric Filion,
“Guidelines are nevertheless required to ensure that the development of this industry maximizes spinoffs for Quebec without resulting in rate increases for our customers. We are actively participating in the Regie de l’energie’s process so that these guidelines can be produced as quickly as possible.”
CEO Eric Martel also mentioned about the huge demand that is coming from the mining industry and here is what he has to say,
“There are hundreds of applications” from bitcoin miners in the previous weeks, which would need more than 9,000 megawatts of energy – about one-quarter of the utility’s total generating capacity of 37,000 megawatts.”
Also, big players in mining industry like Bitfarms is keen on joining this camp to address it power demands and President Pierre-Luc Quimper mentioned that,
“Other places in Canada offer rates that are as competitive, if not more competitive, than those of Hydro-Quebec.”
So readers, what do you think of Hydro Quebec’s plan to address power needs of crypto miners? Let us know in comments below
