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Quebec Energy Provider Overwhelmed by Crypto Mining Demand

Canada

Mining

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 26, 2023

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Hydro-Quebec, Canada’s biggest electricity provider, says it is to “temporarily” suspend new requests from crypto miners after demand skyrocketed to the point where its short- and medium-term capacity to provide power to the region has been affected.

The company has also revealed that it will ask the province’s energy regulator to create a selection process for blockchain technology-related companies.

The surge in demand comes after the provider earlier this year called for miners to apply for access to excess energy generated by its dams in the province. Quebec energy prices are thought to be the lowest in North America.

Per an official statement, Hydro-Quebec says it will ask the regulator to set aside electricity specifically for crypto miners, and also wants to propose a set rate for mining and blockchain technology-related industries.

Eric Filion, the energy provider’s president, said, “The blockchain industry is a promising avenue for us. Guidelines are nevertheless required to ensure that the development of this industry maximizes spinoffs for Quebec without resulting in electricity rate increases for our customers.”

Filion also stated that he hopes the new guidelines will be “produced as quickly as possible.”

Hydro Quebec has begun to receive numerous inquiries about new mining operations, after news started to spread about a looming suppression of cryptocurrency mining operations in China, as reported by Cryptonews.com in February. The number of potential new mining projects was over 100 at that time and dozens of new requests came in weekly.