News

Hydro-Quebec Stops Taking Service Requests From Mining Companies

Hydro-Quebec, a Canadian power utility company, has stopped taking new service applications from cryptocurrency mining and blockchain related companies today. This due to the overwhelming demand for power and the inability of the company to supply it, according to an article by Bloomberg.
Hydro-Quebec is the largest hydroelectric company of all Canada, and the fourth hydroelectrical power provider in the world; nonetheless it has been overwhelmed by the number of applications it has received from cryptocurrency mining partners attracted by one of the lowest prices of power in all North America. But Hydro-Quebec cant’ provide power to supply all the energy required. Due to this, the company will implement a new policy for accepting cryptocurrency mining and blockchain related power requests, examining which ones of them would be more beneficial to the region and the workers.
According to reports, the company has received more than 100 requests for projects that would consume a quarter of the total power produced by the company. That is why they will consider which projects are sustainable in the future, and also which projects will generate a higher number of workers for the communities involved. Sadly, the cryptocurrency mining industry does not produce many jobs in relation to the enormous amount of energy invested. Other businesses, like data centers, produce more jobs and invest less energy while doing it.
Also, there is the problem of adittional rates; if crypto businesses overrun the available power supply, the company will have to buy surplus electricity from other networks, making electricity rates costlier for everyone, even residential consumers.
Nonetheless, the company stated that none of the current clients will be affected by this measure. The electric regulator of Canada will announce the new guidelines for selecting applications in the next weeks.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTElon MuskNewsteslaxbtusd

Elon Musk Pokes Massive Hole in the Bitcoin Market After Halting Bitcoin Payments at Tesla

Elon Musk left the Bitcoin ecosystem in shambles when he, in his most recent tweet revealed that his electric vehicle company Tesla, would no longer be accepting car purchase payments in Bitcoin. The new development came as a shock to…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMoneyGramNewsxbtusd

MoneyGram Debuts Cash-For-Bitcoin Trades At Over 12,000 Locations

Physical cryptocurrency ATMs were one of the first markers of progress for the crypto industry starting from the early to the mid-2010s. Crypto ATMs essentially indicated that there was significant demand for cryptocurrency, specifically bitcoin, and as the markets for…
cryptocurrencyCryptocurrency NewsdogecoinDOGEUSDNewsShiba InuSHIBUSD

Dogecoin Might Need to Watch Out For New Blazing Rival Shiba Inu

The meme coin Dogecoin has been one of the best performing altcoins this year. Although it doesn’t come close to many DeFi coins which are topping the list, DOGE has done significantly well for an asset that was invented as…