Hydro-Québec Looks to Suspend Power Distribution to Crypto Miners in Bid to Save Capacity

Hydro-Québec Looks to Suspend Power Distribution to Crypto Miners in Bid to Save Capacity

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. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Foundry Academy Launches Training Program to Produce Top Technicians for BTC Mining Industry MINING | 2 days ago Natural Gas Price Hike Hits Crypto Miners in Iran MINING | 4 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Derek Robbins / Shutterstock.com Previous articleGoogle Cloud Is Running a Solana Validator, Blockchain Node Engine to Support SOL Chain Next Year 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse