Quebec Not Interested In Bitcoin Mining Without Added Value To Region

Quebec, a favorite place for cryptocurrency miners for its cheap power, is not interested in bitcoin mining without any added value to the region, Bloomberg reported, citing the Canadian region’s Premier Philippe Couillard.

Cryptocurrency mining procedure consumes enormous power and Quebec is said to have the lowest power costs in North America due to its nearness to dams. Hydro-Quebec, the largest utility in the region, produces excess power than needed.

Couillard said the bitcoin miners planning to move to the region will not get cheap electricity through state utility Hydro-Quebec, as the state may not have enough power to meet the demand.

The government is more open to companies that would help create a real eco-system or a real technological transformation using blockchain. Such companies could even use cryptocurrencies to finance their projects, he noted.

Following crackdown in China’s cryptocurrency last year after tightened regulation, people involved in bitcoin mining reportedly considered moving to places like Iceland and Quebec.

In mid February, Iceland’s energy company HS Orka had warned that the country runs the risk of exhausting its energy sources this year if consumption for cryptocurrency mining exceeds household power use. Officials from the energy company told the BBC that they would not have sufficient energy to meet the demand from the several Bitcoin mining centers proposed.

Meanwhile, New York State has recently granted permission for a full-scale Bitcoin mining setup, citing the added jobs and economic value it would bring to the region. Cloud mining service Coinmint, with an offer of 150 jobs and $165 million investment, reportedly won approval to take over an abandoned smelter for Bitcoin mining operations.

by RTT Staff Writer

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