The Quebec government requested Hydro-Quebec suspend power allocation to the blockchain industry because of increased electricity demand and reduced energy and capacity balances. .A Thursday press release said Hydro-Quebec filed a request with the Canada Energy Regulator about suspending power allocation to blockchain companies. It said about 270MW were slated to go towards blockchain, but the allocation of this amount would increase pressure on the system. .The release said Hydro-Quebec’s electricity supply plan predicts a 25 terrawatt hour increase in the province’s electrical demand in the next 10 years. .The largest factor for the demand is emerging markets at 8.9TWh. Emerging markets include data centres (4.1TWh), green hydrogen production (2.3TWh), battery components for electrical vehicles (1.2TWh), and greenhouse farming (.7 TWh). .The second largest factor the uptick is transportation electrification (7.8TWh). This was followed by building and industrial process conversion (4.5TWh) and organic growth (4.3TWh). .Hydro-Quebec began to implement the necessary measures to meet this demand. .The release said the growth takes into account energy efficiency efforts making it possible to curtail 8.9TWh by 2032. It said Hydro-Quebec programs such as the Efficient Heat Pump Program for residences and the Efficient Solutions Program for businesses will enhance electricity use..To meet growing demand, the release said Hydro-Quebec will have to add energy and capacity to its supply portfolio. It said two new calls for tenders — one for 300MW of wind power and the other for 480MW of renewable energy — have been initiated. .Hydro-Quebec took steps to increase the capacity of its generating fleet and enhance other energy sources it has access to. The steps include commissioning the Romaine-4 generating station, increasing the capacity of its existing hydroelectric facilities, creating a 3,000MW plan of wind power projects, and buying the output of generating stations owned and run by Evolugen..Bitcoin Well Chief Revenue Officer Dave Bradley said the decision by Hydro-Quebec is “incredibly short-sighted.” .“The province of Quebec has an incredible opportunity to attract massive investment from our industry,” said Bradley..“This cheap and clean power gives them a huge advantage.”.Bradley said Alberta will be happy to welcome any companies affected by this move. He said because Bitcoin can be mined anywhere, bitcoin miners would complement the energy industry. .Bitcoin mining company Upstream Data CEO Steve Barbour said without bitcoin miners, excess water flows down the river. .“On the other hand, Quebec’s censorship of mining is not surprising at all when you consider the fact bitcoin represents complete disruption to the deficit spending and have-not business model that Quebec has become accustomed to,” said Barbour. .“I predict we can continue to expect to see continuing government censorship of bitcoin mining in the future for as long as money printing is legal, especially amongst out least productive jurisdictions.” .Hydro-Quebec signed a tentative agreement to help power New York over the next 25 years in 2021. .The agreement sees the company export 10.4TWh per year over the span of the deal. .New York sells power to bitcoin miners at one cent per kilowatt hour more..DISCLOSURE: Bitcoin Well is a Western Standard advertiser.
The Quebec government requested Hydro-Quebec suspend power allocation to the blockchain industry because of increased electricity demand and reduced energy and capacity balances. .A Thursday press release said Hydro-Quebec filed a request with the Canada Energy Regulator about suspending power allocation to blockchain companies. It said about 270MW were slated to go towards blockchain, but the allocation of this amount would increase pressure on the system. .The release said Hydro-Quebec’s electricity supply plan predicts a 25 terrawatt hour increase in the province’s electrical demand in the next 10 years. .The largest factor for the demand is emerging markets at 8.9TWh. Emerging markets include data centres (4.1TWh), green hydrogen production (2.3TWh), battery components for electrical vehicles (1.2TWh), and greenhouse farming (.7 TWh). .The second largest factor the uptick is transportation electrification (7.8TWh). This was followed by building and industrial process conversion (4.5TWh) and organic growth (4.3TWh). .Hydro-Quebec began to implement the necessary measures to meet this demand. .The release said the growth takes into account energy efficiency efforts making it possible to curtail 8.9TWh by 2032. It said Hydro-Quebec programs such as the Efficient Heat Pump Program for residences and the Efficient Solutions Program for businesses will enhance electricity use..To meet growing demand, the release said Hydro-Quebec will have to add energy and capacity to its supply portfolio. It said two new calls for tenders — one for 300MW of wind power and the other for 480MW of renewable energy — have been initiated. .Hydro-Quebec took steps to increase the capacity of its generating fleet and enhance other energy sources it has access to. The steps include commissioning the Romaine-4 generating station, increasing the capacity of its existing hydroelectric facilities, creating a 3,000MW plan of wind power projects, and buying the output of generating stations owned and run by Evolugen..Bitcoin Well Chief Revenue Officer Dave Bradley said the decision by Hydro-Quebec is “incredibly short-sighted.” .“The province of Quebec has an incredible opportunity to attract massive investment from our industry,” said Bradley..“This cheap and clean power gives them a huge advantage.”.Bradley said Alberta will be happy to welcome any companies affected by this move. He said because Bitcoin can be mined anywhere, bitcoin miners would complement the energy industry. .Bitcoin mining company Upstream Data CEO Steve Barbour said without bitcoin miners, excess water flows down the river. .“On the other hand, Quebec’s censorship of mining is not surprising at all when you consider the fact bitcoin represents complete disruption to the deficit spending and have-not business model that Quebec has become accustomed to,” said Barbour. .“I predict we can continue to expect to see continuing government censorship of bitcoin mining in the future for as long as money printing is legal, especially amongst out least productive jurisdictions.” .Hydro-Quebec signed a tentative agreement to help power New York over the next 25 years in 2021. .The agreement sees the company export 10.4TWh per year over the span of the deal. .New York sells power to bitcoin miners at one cent per kilowatt hour more..DISCLOSURE: Bitcoin Well is a Western Standard advertiser.
