• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Quebec to Attract Bitcoin Miners With Cheap Energy, 180 Change Since 2018

Samuel Wan by Samuel Wan
2 years ago
in Cryptocurrency news
Reading Time: 3min read
Quebec to Attract Bitcoin Miners With Cheap Energy, 180 Change Since 2018
Advertisement
Nexo Logo
Listen to Article

The Candian province of Quebec is attempting to woo bitcoin miners by providing cheap energy. The region’s energy regulator, Régie de l’énergie, has set aside an additional 300 megawatts of electricity, specifically for cryptocurrency mining. This is on top of the existing 368-megawatt provision.

Quebec Offers Cheap, Environmentally Friendly Hydro-Electricity For Bitcoin Miners

Following regulatory uncertainty over crypto mining in China, mass mining operations are in the process of eyeing alternative locations. And given Quebec’s abundance of cheap, green hydroelectric power, the region is setting out its stall in a bid to attract miners.

Hydro-electricity is the dominant source of power in the area, accounting for 97% of Quebec’s supply. The state-owned operator, Hydro-Québec, runs 63 hydro-electric power stations and generates around 37,000 megawatts of electricity. This is enough to power 28 million homes.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The proposed allocation of 668 megawatts for mining equates to the average energy usage of around half a million homes. This represents just under 2% of total output.

Hydro-Québec Changes Opinion On Bitcoin and Crypto Mining

Speaking in 2018, before China’s bombshell announcement, Jonathan Côté, Engineer at Hydro-Québec expressed reservations about crypto mining. He said:

“There’s definitely a gold rush feeling with some of them and they aren’t all well organized. We’re interested, but we are being cautious.”

However, as evidence of the industry’s development since then, such skepticism no longer exists. Today, Hydro-Québec is a party to developing Quebec as a cryptocurrency mining hub. Indeed, such is the appeal, the energy regulators have rejected a proposal, from Hydro-Québec, for miners to bid for energy. Instead, under the proposed scheme, miners are subject to fixed standard tariffs, the same as any commercial operator in the area.

Cryptocurrency Mining To Benefit The Local Economy

All the same, qualifying for the energy allocation is subject to a selection process by the energy regulator. Interested parties must submit a proposal outlining their activities. The tendering process will identify the most beneficial projects by looking at the number of jobs created, the payroll generated by those jobs, details on investment in the area, and in keeping with Quebec’s green credentials, plans for re-using the heat generated.

How a Crypto Mining Venture Is Heating Homes and Businesses in Canada: A Canadian startup called Heatmine is hoping to generate warm feelings toward cryptocurrency mining by using excess heat from computers for building heating in Quebec.  The company is… https://t.co/Bbyn83uMHS pic.twitter.com/ABocuK3mU8

— Green Guru (@green81guru) November 28, 2018

An influx of bitcoin mining operators will benefit the local economy, especially in re-generating small towns ravaged by economic change. Mayor of Powerview-Pine Falls, in the province of Manitoba, Bev Dubé, expressed delight at the economic benefits this could bring:

“I’ve been here 40 years, through all the loss of industry and I can’t help but think, you know, is this another world changing technology coming in? And if we could have any part of it … well it’s exciting to think they’re coming to us.”

However, others are not convinced. Jason Cross, a tech writer at the Motherboard Vice, highlighted the uncertainty of mining as a business due to volatile price movements. He said:

“You can never tell what is going to happen to the trade price of cryptocurrencies, but most people probably don’t expect the situation to suddenly and quickly reverse itself.”

As well as that, there are still sections of society who do not believe in cryptocurrency. Regardless of the economic benefits mining could bring, the battle to convince non-believers is the real challenge facing the industry.

Appalling allocation of resources by Quebec. Crypto currencies are garbage, and subsidizing them with cheap electricity isn't helping anyone. They might as well be running their 'mining' rigs in hard NOP loops. https://t.co/Qw9ajF5anJ

— Dr Earl Oliver (@eaoliver) April 29, 2019

Tags: minersquebec
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Related Posts

bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

1 day ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

3 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

3 days ago
bitcoin bar new york

Landmark Real Estate Listing Offers Two New York Bars For 25 Bitcoin

3 days ago
huobi, ruble

Huobi Now Supports RUB Deposits and Withdrawals, Announces Crypto Purchase Campaign

4 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

RAI Finance Pre-sale Finishes in 1 Minute

January 13, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.