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Hydro Québec | To Quit New Cryptocurrency Mining Projects In Province

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Now, the state of Québec made the statement regarding Hydro Québec which I have been awaiting this whole month.

What Happens?

It all began on March 4, once I reported the Canadian state is uncertain of if Hydro-Québec can power all the jobs considering cryptocurrency mining in the state. Very similar to Iceland, Québec has become a global hot spot for cryptocurrency mining, earning over 30 software to mine from the state in January. As rewarding and fascinating as this might appear, it is really very worrisome since the requirement is beginning to transcend the state’s supply.

On Friday, March 23, Québec verified it has, for now, stopped the growth of fresh cryptocurrency mining jobs in the mostly French-speaking state. Why? Just for the reasons cited previously: Hydro-Québec can not power new jobs as a result of rising demands of present operations.

In the beginning of the month, Québec Premier Philippe Couillard said that the Québec government isn’t considering providing cheap power to virtual money miners via Hydro-Québec. Couillard then proceeded to say if folks wish to install cryptocurrency mining jobs in the state, there needs to be “additional value to our society” Now, the state’s Minister of Energy and Natural Resources, Pierre Moreau, stated that crypto mining entails using a great deal of energy, and it doesn’t produce enough jobs compared with other factories in Québec.

It seems Hydro Québec itself agrees. The nation utility released a record of its own today, saying it is not feasible to power every cryptocurrency mining job which has requested to install from the state. Consequently, the most plausible response is to simply stop each the incoming jobs, for now, therefore Québec will get back on its feet.

What do you believe? Was this the ideal move?

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