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Hydro-Québec’s Hydro Quebec Suspends 260MW of Crypto Mining Electricity

Hydro-Québec’s Proposal to Suspend 270MW Allocated for Crypto Mining

According to Ben Gagnon - the Chief Mining Officer for @Bitfarms_io

important aspect of Bitcoin remaining decentralized is that mining activity is not confined almost exclusively to a few countries. BTC

Gagnon says the world’s Bitcoin miners are eyeing Canada and the United States as the future of their mining strategies, largely owing to the extensive hydropower infrastructure the countries possess. Bitcoin cryptocurrency mining

“In light of Hydro-Québec’s Ten Year Supply Plan which included a suspension of 270MW of electricity previously allocated for crypto mining, @Bitfarms_io , a publicly traded, self-mining, vertically integrated Bitcoin mining company, was recently advised...

.... its power agreements with Hydro-Québec remain in place and that its current and future bitcoin production will continue for the foreseeable future without disruption."

Asic Jungle’s CEO, @ArtemBespaloff had the following thoughts on Hydro-Quebec’s suspension proposal:

“With the uncertainty we see on the crypto markets now it is possible that Hydro Quebec will adopt a more cautious approach towards electricity allocation to miners...

...Currently, Hydro-Quebec holds a monopoly on power and by the way that it looks, they are judging that the opportunity cost of not allocating the power to miners is lesser than having potentially unstable clients on their grid...

...Hopefully, this decision gets overturned as I believe that the unrealized potential that mining can bring to the Province is a net benefit to its population both in terms of jobs, taxes and innovation.”

For more on BitFarms' comments, click the link to read the article ➡️

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Asic Jungle - Hydro-Québec’s Proposal to Suspend 270MW Allocated for Crypto Mining | Asic Magazine
This post is based on this twitter thread.

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