Hydro-Quebec Turns Down New Applications for Crypto Mining Operations

The premier of the Canadian province of Quebec, Philippe Couillard, has temporarily halted the approval of new mining operations partnering with the province's state-owned power company, Hydro-Quebec.

Hydro-Quebec Halts Approval of New Mining Operations From Offshore Applicants

'Hydro-Quebec Distribution will not be able to supply the totality of the installations targeted by the projects which have been presented to it. currently being analyzed, in particular, because of their impact on demand during winter peaks.'

The company states that it is currently 'working to develop guidelines to determine which of the projects received in the blockchain sector can be accepted, as well as the tariffs and conditions applicable to this sector.'

Sources State Government Intervention Spurred Hydro-Quebec’s Decision

Hydro-Quebec's decision to temporarily halt new partnerships with offshore mining companies has been met with surprise, as the company had recently made efforts to double its revenues to $30 billion by 2030 – with commercial strategies targeting the blockchain and cryptocurrency industries comprises a major source of the anticipated revenue.

According to local media citing an anonymous source close to company, 'Hydro-Quйbec had the management of the cryptocurrency market confiscated' and received "an order to wait quietly for new instructions from the government.”

Quebec cabinet member, Pierre Moreau, addressed the clampdown on new large-scale mining operations, stating that "The objective of the government is to assure all Quebecers that during winter peaks, Hydro-Quebec does not say, 'well, listen, I can not provide because we are in the process of mining cryptocurrency.'”

Domestic Mining Operations Proliferate

The number of local mining operations in the province appears to have rapidly proliferated, with Hydro-Quebec indicating that it has received supply requests from individuals consuming 5,000% more power than the average home.

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The post Hydro-Quebec Turns Down New Applications for Crypto Mining Operations appeared first on Bitcoin News.


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