Hydro-Québec will have to reject the cryptocurrency miners seeking to establish operations in the province. The electricity supplier has been inundated with requests from cryptocurrency miners seeking to set up operations in the energy-rich province of Quebec, according to Reuters.

Many miners, including giants like Bitmain based in China, have clearly sought to install new mining operations overseas in low energy and energy surplus countries. The crackdown on cryptocurrency exchanges in China, as well as the discussions on power regulations applying to minors, prompted miners to consider new sites from …

Bitmain told Reuters that he's been mining in Canada since 2016.

Canada's surplus is not enough

Ironically, Hydro-Québec may have to defeat its power strategy commercial – because forecasts show that it would not be enough. to be able to meet the booming demand of industries seeking to take advantage of the province's energy surplus. The company is reviewing its plans after 70 cryptocurrency miners have applied to settle in the province in the space of the week.

Hydro-Québec claims to have a surplus of 100 terawatt hours over 10 years. As a benchmark, Digiconomist's Bitcoin energy consumption index estimates the estimated annual electricity consumption of Bitcoin and Bitcoin Cash at around 31 terawatt hours

Not enough power

The spokesman for the electricity supplier, Marc-Antoine Pouliot, told Reuters that the number of companies seeking to launch cryptocurrency mining operations in the province is not sustainable, even with the surplus created by Hydro-Quebec.

"We receive dozens of requests every day. This context encourages us to clearly define our strategy. We will not be able to feed all the projects we receive. It's changing very quickly, so we have to be careful.

The utility has also been actively attracting data centers to the province since 2016, citing the job creation potential of these centers.

In a previous interview with Reuters, David Vincent, Director of Business Development, David Vincent, said potential mining operators were looking for sites whose energy demand ranged from data centers to metallurgical plants. .

Another stumbling block in setting up cryptocurrency operations is the lack of buildings ready to be occupied.