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Hydro-Quebec Increases Electricity Prices by 300% for Bitcoin Miners

Even though Canada has become a very important country for cryptocurrency mining, it seems things are changing behind the scenes. The Quebec provincial regulator has decided to allow utility providers to hike electricity prices for Bitcoin miners. As such, the rates will be increased by up to 300%, which might make the mining process unprofitable. Big Changes Ahead for Hydro-Quebec It was announced last week that Quebec’s Régie de l’énergie was not too happy about the influx of cryptocurrency mining operations. Although the province has no shortage of renewable energy, there are growing concerns over how the growing number of mining operations are putting a lot of pressure on the power grid. This issue is not unique to Quebec by any means, though, as other regions around the world have voiced similar concerns over the past few months. As a result of this uneasy situation, the regulator will allow Hydro-Quebec to raise its electricity prices. More specifically, the company can now charge up to 15 cents per kilowatt hour to blockchain companies and mining operators. Everyone else is seemingly unaffected by this change, clearly indicating that there is a growing dislike for cryptocurrency mining in Quebec. That is not a positive development for the cryptocurrency industry by any means, but it may not necessarily cause any major issues in the short term. Although the company has been given permission to charge more money, Hydro-Quebec has not officially confirmed that it will do so in the immediate future. Blockchain and mining firms currently pay a maximum of 5 cents per kilowatt-hour in Quebec. Increasing electricity costs by up to 300% will make the mining of Bitcoin and various altcoins less profitable fairly quickly. The decision comes at a strange time, as it appears Hydro-Quebec has done everything possible to attract more mining firms over the past few months. That success eventually came to harm the company, as it cannot keep up with the increased demand for electricity. It appears this price hike may very well be a temporary measure. Hydro-Quebec is currently filing an application to the regulator in regards to a selection process for the blockchain and mining industries. A total of 500 megawatts would be reserved for these companies, and the limit could not be increased. That would make life a bit more competitive for mining firms in this region, which wouldn’t necessarily be a bad thing. At the end of the day, Hydro-Quebec is mainly interested in finding the correct price point for the electricity required to mine Bitcoin and other cryptocurrencies. That is much easier said than done, which is why this temporary price change seems more than warranted. Additionally, the provider is keeping close tabs on which jobs and investment opportunities these mining firms will bring to the region. A new tariff will be announced in the coming weeks, although no official ETA has been communicated at this time.

Hydro-Quebec Considers Halting Mining Operations During Winter

The migration of cryptocurrency miners to hydro-power abundant Quebec has been received cautiously lately, following an initial period over-exuberance on the part of local officials. The future for Quebec’s mining industry has since encountered a number of hurdles, from the province’s ability to supply power during the dry winter season to the often overlooked environmental tolls of producing hydropower. Also Read: The Number of Cryptocurrency Exchanges Has Exploded  Hydro-Quebec Considers Suspending Power Provision to Mining Companies During Dry Season In recent months, the Canadian province of Quebec has sought to attract cryptocurrency miners, offering up cheap and abundant hydropower. After initially boasting 5000 megawatts of surplus electricity, the province’s state-owned power company, Hydro-Quebec, has since taken a more cautious approach with regards to encouraging the proliferation of Quebec-based mining operations, after reconsidering its ability to satiate demand from both citizens and miners during the dry winter season. Marc-Antoine Pouliot, a spokesperson for Hydro-Quebec, has described the dry season as the principal barrier to Hydro-Quebec’s capacity to meet the constant energy draw produced by miners, recently proposing that sanctions are placed on mining companies during winter. “In Quebec, residential customers heat their homes with electricity. [As a] consequence, the demand can be very high when the temperature is below -20°C for a few days. We are now analyzing the effect of the [mining industry] on our winter peak. One of the solutions could be to oblige blockchain companies to suspend the activity during the winter.” Canadians Concerned About Ecological Toll of Increased Power Consumption The Massachusetts Institute of Technology (MIT) has published an article claiming that the purportedly modest ecological footprint generated through Quebec’s power production has come under increasing scrutiny. Jeff Wells, a conservation biologist and researcher at Cornell University, has also warned of the potential environmental consequences of increased miner activities, emphasizing the ecological strains incurred through the construction of dams. Mr. Wells asserts that the damage created by constructing the reservoirs required to hold a ready supply of water is too great to justify any industry. Mr. Wells asserts that said reservoirs are increasingly overtaking existing forests and leading to the large-scale rotting of tree roots, which results in the release of significant quantities of methane. “You’re putting hundreds of thousands and eventually millions of acres under water. You’re putting a greenhouse gas in the atmosphere and stopping the ability of that area to take any more carbon into the system. You’ve lost a whole ecosystem.” Mr. Pouliot has sought to assure that the company’s ability to meet demand during the peak of winter is the sole hurdle posed by the proliferation of industrial-scale mining operations. The spokesman has dismissed ecological concerns, asserting that full environmental impact assessments are completed before any dams are constructed by the Hydro-Quebec. Canadian Company Creates Modular Mining Apparatus Canadian startup company, K.E. Inc., has developed self-contained modular shells designed to accommodate up to 1,200 cryptocurrency miners. The company’s founder, Fooad Nejad, has asserted that a recirculation ventilation system reduces power consumption through eliminating heating and cooling requirements. The pods resemble shipping containers, however, and can be constructed virtually anywhere without requiring retrofitting and other costs associated with establishing mining operations in old buildings. The pods can also be adapted to channel heat production, with Mr. Nejad predicting that the pods may in future be used to grow warm-weather crops year round. Despite efforts to reduce the ecological footprint incurred through mining, Christian Catalini, associate professor of technological innovation at MIT and founder of MIT’s Crypto-economics lab, has argued that the energy-intensive nature of cryptocurrency mining is a consequence of the fundamental lack of trust between the participants of a transaction. “You’re essentially solving worthless puzzles that we cannot solve mathematically. You can only brute-force your way into it, Mr. Catalini said. “Basically, you’re placing an economic cost between a user and an attacker. If someone wants to subvert the system by faking a transaction, or revert a legitimate transaction, they would have to expend a tremendously high amount of energy and computation – to the point that no rational economic actor would do that, because the cost of doing an attack would be far greater than the benefit.” Do you think that the honeymoon period is over between Hydro-Quebec and cryptocurrency miners? Share your thoughts in the comments section below! Images courtesy of Shutterstock Need to calculate your bitcoin holdings? Check our tools section. The post Hydro-Quebec Considers Halting Mining Operations During Winter appeared first on Bitcoin News.
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Hydro-Quebec Turns Down New Applications for Crypto Mining Operations

The premier of the Canadian province of Quebec, Philippe Couillard, has temporarily halted the approval of new mining operations partnering with the province’s state-owned power company, Hydro-Quebec. Also Read: Dutch Court Rules That Bitcoin Has “Properties of Wealth”  Hydro-Quebec Halts Approval of New Mining Operations From Offshore Applicants The company states that “Although [it has] a large volume of electricity to meet the different needs of customers in the territory,” it will not be able to accept all mining applicants, adding that “In recent months, we have received [proposals for] projects representing several thousand megawatts.” “Hydro-Quebec Distribution will not be able to supply the totality of the installations targeted by the projects which have been presented to it. currently being analyzed, in particular, because of their impact on demand during winter peaks.” The company states that it is currently “working to develop guidelines to determine which of the projects received in the blockchain sector can be accepted, as well as the tariffs and conditions applicable to this sector.” Sources State Government Intervention Spurred Hydro-Quebec’s Decision Quebec Premier, Philippe Couillard Hydro-Quebec’s decision to temporarily halt new partnerships with offshore mining companies has been met with surprise, as the company had recently made efforts to double its revenues to $30 billion by 2030 – with commercial strategies targeting the blockchain and cryptocurrency industries comprises a major source of the anticipated revenue. According to local media citing an anonymous source close to company, “Hydro-Québec had the management of the cryptocurrency market confiscated” and received “an order to wait quietly for new instructions from the government.” Quebec cabinet member, Pierre Moreau, addressed the clampdown on new large-scale mining operations, stating that “The objective of the government is to assure all Quebecers that during winter peaks, Hydro-Quebec does not say, ‘well, listen, I can not provide because we are in the process of mining cryptocurrency.‘” Domestic Mining Operations Proliferate The founder of a Montreal-based bitcoin consulting firm, Jonathan Hamel, has stated that the Couillard administration’s decision “is not surprising considering the government’s hostility to technological change.” Mr. Hamel states that the Couillard government previously “attempt[ed] to ban Uber,” and has pushed for stronger “taxation of the giants of the web,” adding “Mr. Couillard seems to be inspired by regulatory surges in the European Union, a strategy that has the effect of scare investors.” The number of local mining operations in the province appears to have rapidly proliferated, with Hydro-Quebec indicating that it has received supply requests from individuals consuming 5,000% more power than the average home. Do you think that Hydro-Quebec will again accept applications for new mining operations from offshore companies? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Wikipedia Want to create your own secure cold storage paper wallet? Check our tools section. The post Hydro-Quebec Turns Down New Applications for Crypto Mining Operations appeared first on Bitcoin News.
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Hydro-Quebec news by Finrazor


This article provides the information on ecological issues arising from mining and shows software-level solutions. Moreover, it represents some mining companies that use alternative energy resources to power their mining equipment.

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Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance

Bitcoin bulls have turned out to be more relentless than the most have predicted from its historic prices. However, the fundamentals around Bitcoin [BTC] seem to be stronger than ever with the Bitcoin virus apparently spreading to the east now. Mati Greenspan, the senior market analyst at eToro tweeted, “BTC on the move again… Asian market certainly doing their bit today.” This is coming after a huge pullback on 17th May 2019. A Bullish Marubuzo with was seen in the 0: 00-4: 00 Hours UTC on 19th May as the market broke above $8000 again. This the second time the market has attempted to break it after a huge correction. BTC/USD 1-Day Chart on Bitstamp (TradingView) The other four performing coins Opening Price: $6968 Closing Price: $8109 The weekly gains: 11% Weekly High/Low: $8390/$6178 Binance [BNB] Coin Binance [BNB] coin was trading in the red in the last week’s update trading around $20. Nevertheless, the token started picking up value again as normal operations began at Binance Exchange after the hack. This week Binance also initiated the process of burning token from the Ethereum blockchain to process them on the native Binance Blockchain. BNB/USD 1-Day Chart on TradingView Opening Price: $20 Closing Price: $29.5 The weekly gains: 40.6% Weekly High/Low: $32.2/$19.9 Stellar [XLM] Stellar’s rise was higher than most coins during the week as it held gained 35% on a weekly scale. The Stellar validators were reportedly shut down for two hours on 15th May 2019. As Bitcoin continued to correct and rise, Stellar held it gains above 0.00001750 BTC. XLM/USD 1-Day Chart on Bitfinex (TradingView) Opening Price: $0.10 Closing Price: $0.14 The weekly gains: 46% Weekly High/Low: $0.16/$0.117 Ethereum [ETH] Ethereum has been the top performer in leading altcoin gains in terms of total market capitalization. The total market capitalization of Ethereum is above $25 billion. It still accounts for more than 10% of the total capitalization of cryptocurrency markets. Also Read: Ripple’s XRP and Ethereum Fight for 2nd Place Behind Bitcoin In The Wake of a Bull Run ETH/USD 1-Day Chat on Coinbase (TradingView) Opening Price: $188 Closing Price: $259 The weekly gains: 38% Weekly High/Low: $281/$185 Tezos [XTZ] Tezos [XTZ] has been one of the best performing coins of the year. It has gained more than 100% before the bull run on Bitcoin began. The gain was influenced by the Coinbase allowing Tezos [XTZ] as the first coin which could be staked/forged on the Coinbase Custody platform. It was on the rise again this week as the market seems to have broken bullish since the beginning of the month. It broke above $1.75 as it set sights on to $2. XTZ/USD 1-Day Chart on Bitfinex (TradingView) Opening Price: $1 Closing Price: $194 The weekly gains: 25.4% Weekly High/Low: $207/$157   XRP, Dash, IOTA, and Cosmos [ATOM] The almost all altcoins were in the green on a weekly scale. While the above-mentioned cryptocurrencies rose higher than the rest, XRP, Dash, IOTA, and Cosmo [ATOM] also registered more than 20% gains. The gain in XRP was considerable as it broke above the $18 billion market capitalization. Moreover, the weekly rise is about 25%. The dominance of XRP over cryptocurrency market is about 7%. The rise of Dash, IOTA, and ATOM is 21%, 31% and 23$ respectively on a weekly scale. XRP/USD 1-Day Chart on Bitstamp (TradingView) *The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.5 billion is 0.23%. Hence, for Analysis purpose we will only consider cryptocurrencies with a total market capitalization $0.5 billion or more. For future analysis, we’ll try to maintain 0.25% as a standard for the calculation. **The data is taken at around 11: 00 Hours UTC on 19th May 2019.  The post Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance appeared first on Coingape.
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