{"id":81558,"date":"2018-06-08T13:05:56","date_gmt":"2018-06-08T13:05:56","guid":{"rendered":"http:\/\/www.bnreport.com\/quebec-halts-energy-approvals-for-crypto-miners-after-surge-in-applications\/"},"modified":"2018-06-08T13:05:56","modified_gmt":"2018-06-08T13:05:56","slug":"quebec-halts-energy-approvals-for-crypto-miners-after-surge-in-applications","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/quebec-halts-energy-approvals-for-crypto-miners-after-surge-in-applications\/","title":{"rendered":"Quebec halts energy approvals for crypto miners after surge in applications"},"content":{"rendered":"

<\/p>\n

The Quebec province in Canada said yesterday that it would temporarily halt energy approvals for new cryptocurrency mining projects to be able to supply the whole province with electricity.<\/p>\n

After booming demand in electricity from cryptocurrency miners, state-owned Hydro-Quebec will submit an application to Quebec's energy regulator Regie de l'energie proposing a strategy to select which blockchain companies will be supplied.<\/p>\n

Since the province is known for having the lowest power rates in North America, cryptocurrency miners having been flocking to Quebec after a bid from the company to use surplus energy.<\/p>\n

Pierre Moreau, Canadian minister of energy and natural resources, said: \u201cThe measures announced today represent a responsible, prudent and practical approach to welcome top businesses from the blockchain tech sector \u2026\u201d<\/p>\n

\u201cTo contribute to the economic development of other sectors and to create spin-offs throughout Quebec, while ensuring energy supply for all Quebecers.\u201d<\/p>\n

Read more<\/strong>: Bitcoin mining could take up 0.5pc of global energy consumption in 2018<\/a><\/p>\n

After receiving \u201chundreds of application\u201d from blockchain operations, the company has now decided to restrict approvals in order to keep the entire province supplied with the energy it needs.<\/p>\n

All of the operations who have applied for energy would have a total usage of more than 9,000 megawatts of electricity which is around 24 per cent of the company's total capacity of 37,000 megawatts.<\/p>\n

Eric Filion, president of Hydro-Quebec distribution, said: \u201cThe blockchain industry is a promising avenue for Hydro-Quebec. Guidelines are nevertheless required to ensure that the development of this industry maximises spin-offs for Quebec without resulting in rate increases for our customers.\u201d<\/p>\n

\u201cWe are actively participating in the Regie de l'energie's process so that these guidelines can be produced as quickly as possibly.\u201d<\/p>\n

In May, a study by Alex de Vries found that bitcoin mining alone could possibly account for half a per cent of the world's energy usage and, by the end of 2018, could be using the same amount of energy as the entire country of Austria.<\/p>\n

De Vries, a blockchain specialist at PwC, said: \u201cThe bitcoin development community is experimenting with solutions such as the Lightning Network to improve the throughput of the network, which may alleviate the situation. For now, however, Bitcoin has a big problem and it is growing fast.\u201d<\/p>\n

Read more<\/strong>: Plus500 bumps up expectations for the year after crypto boom boosts trading<\/a><\/p>\n

<\/a><\/strong> <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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