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Quebec Is “Not Interested” In Providing Cheap Electricity To Bitcoin Miners Without ‘Added Value’

Mar 05, 2018 Posted /  1425 Views

Quebec Is “Not Interested” In Providing Cheap Electricity To Bitcoin Miners Without ‘Added Value’

In a recent conference held in Capital Montreal, the current Premier of Quebec, Philippe Couillard  connoted that the government is “not interested” in rendering Hydro-Quebec generated cheap electricity to Bitcoin miners as Bitcoin mining is unfavorable for the economy unless Quebec acquires “added value.”

“If you want to come settle here, plug in your servers and do Bitcoin mining, we’re not interested. There needs to be added value for our society; just having servers to do transaction mining and acquire new bitcoins, I don’t see the added value.” - Premier Philippe Couillard

Quebec has encountered a rapid rise in the number of partnership queries by virtual token mining companies seeking for a land offering cheap wholesale electricity rates. The nation received around 30 applications in January. To the “inundated” queries, the utility responded that it wouldn’t be able to provide power to this much number of projects. As per Bloomberg reports, Quebec is also aiming for higher tariffs from the Bitcoin miners.

The CEO of Hydro-Quebec’s, Eric Martel stated in 28th February publication that by accepting all the partnership queries they will create an issue for themselves.

“There are limits to what we can do. I have a huge network with lots of capacity, but I cannot host the entire planet.” - Eric Martel

Quebec attracted crypto miners because mining is an energy extensive process. To add up a new transaction which is generally done by solving complex mathematical puzzles requires specialized hardware, either ASICs or GPUs. Miners also look for a cooler environment as the entire computing process generates a significant amount of heat.

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In the post era of World War II, the government of Quebec built dams at its northern region which routinely generates a surplus amount of power and thus nation offers electricity to North America based commercial customers at subsidized rates.

Premier Philippe Couillard stated that he is readily available to the companies aiming to create “a real eco-system or a real technological transformation centered on the blockchain,” and also willing to support cryptocurrency mining to finance their project.

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Tags: crypto miners Cheap Electricity Quebec Hydro-Quebec Quebec acquires Mining

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