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Hydro-Quebec burdened with electricity demands from Cryptocurrency miners

Hydro-Quebec, largest state-owned utility in Canada, is overwhelmed by electricity demands from cryptocurrency miners. They are trying to establish operations in energy-rich province. This announcement comes few weeks after the company declared that they have 5,000 megawatts to spare. This movement was to entice the cryptocurrency miners to evoke the economic outlook of the province.

marc-Antoine Pouliot stated,

“We won’t be able to power all the projects that we’re receiving. We are receiving dozens of demands each day. This context is prompting us to clearly define our strategy.”

With this offer to establish mining operations, this might be just the tip of the iceberg for all the offers received.

As mining programmes moving away from China, Eric Martel, CEO of Hyrdo-Quebec was luring in the cryptocurrency miners by bringing up advantages like cheap electricity and inexpensive cooling offered by Quebec’s snowy winters. Hydro=Quebec has been estimated to produce 100 terawatts-hours worth of electricity in next decade, approximately required to light 6,000,000 homes in one year.

As told by Hydro-Quebecs’s Vice President of distribution Eric Filion.

“We have the energy available. It’s a question of finding land and buildings quickly.”

Hydro-Quebec is now the focus of cryptocurrency mining industry, will it fulfill the demands it brought forth?

 

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