Everything to break crypto miners. Bad times for cryptocurrencies based on the proof of work (PoW), of which mainly Bitcoin (BTC) of course. The energy tensions caused by Western sanctions against Russia are the perfect excuse to achieve what states have failed to do before: prevent mining of crypto-assets. the Quebecyet very rich in hydroelectric energy, therefore intends to make life difficult for the miners under this pretext of lack of energy. This, despite the local abundance of electricity.
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Crypto-miners banned from electricity consumers in Quebec
the Canadais the world’s second largest producer ofhydroelectricity, just behind China. Its French-speaking region of Quebec alone dominates the rest of Canadian production. But the excuse of energy shortages which are announced in Europe for lack of Russian gas was too beautiful not to be copied and pasted against minors Quebec cryptocurrencies.
Peter Fitzgibbonthe Minister of Economy and Innovation (sic) of Quebec, simply wants cut power to crypto mining companies. According to one publication on his official Twitter account this November 3, 2022, the Minister intends to request by decree to withdraw the 270 MW (megawatts) of hydropower supplied to crypto miners. A sudden “high energy demand” would be the pretext.
As a good student, Hydro-Quebecthe main energy supplier of the French-speaking province, announces that it has already proposed the idea. The electric company proposed in its 2022-2032 supply plan to remove these 270 MW dedicated to crypto-miners. For the “reassign” we don’t know where.
Despite employmentthem taxable income generatedand all other benefits that bitcoin mining brings, miners are therefore called upon to be treated as sub-users by Hydro-Québec and the Minister of “Innovation”. However, if there is indeed a region in the world (in addition to a few rare Chinese provinces) which has plethora of energy thanks to its hydroelectric dams, it is indeed Quebec. Could there be another motive behind this decision?
Will it soon be necessary to light candles in Quebec to suit the ministry of innovation? In the meantime, nothing prevents you from continuing your crypto investments. Run to register on BinanceTHE absolute benchmark for crypto exchanges (commercial link).