Canada’s largest state-owned utility Hydro-Quebec is not able to meet the electricity demand of its cryptocurrency miners that were looking to establish their operations in this energy-rich province. Digital Currency miners were rushing here to benefit from the company’s claim of 5,000-megawatt power to spare, low energy prices and political stability.
Miners’ overwhelming demand for electricity
Hydro-Quebec designed a campaign to attract the investment from the mining industry that became a wonderful success. However, just after a week, the company is indicating that they might not be able to meet the scale of power that is needed by the cryptocurrency miners.
Recently, in response to the overwhelming demand from the mining companies and the increase in the number of companies, the spokesperson for Hydro-Quebec, Marc-Antoine Pouliot said:
“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.”
According to Feral Pierssens, who works with the cryptocurrency miners that are looking to set up their operations in Canada:
“This is the tip of the iceberg, as only a fraction of the initiatives has reached out to Hydro Quebec yet.”
The potential breakdown on miners in China, which is one of the biggest sources of cryptocurrency mining in the world has made Quebec an attractive site for the mining companies. However, in the wake of this announcement, it seems Hydro-Quebec won’t be able to meet the anticipated demand in the long term.
According to Hydro-Quebec, it has been estimated that over the next decade, it will be able to have an energy surplus of about 100 terawatt hours worths of power. This much energy is required to power 6,000,000 homes in a year.
The big players are also eyeing Quebec
The director of business development at Hydro Quebec, David Vincent also spoke about the province’s potential to attract big names:
“Of the world’s top five largest blockchain players, we have at least three or four.”
At the beginning of this month only, the spokesman of Bitmain, world’s largest mining company, stated that the company is looking for a potential site in Quebec and is already in discussions with the power authorities regarding a number of sites.
With the number of interested parties doubling in a week, the province is finding it hard to meet the growing demand of mining companies. Eric Filion, the Vice President of distribution in Hydro-Quebec, also talked about the issues coming up with suitable infrastructure requirements.
Fillion was quoted as saying:
“We have the energy available. It’s a question of finding land and buildings quickly.”
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.