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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.
NullTX

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.
Bitcoin News

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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Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto?

While Elon Musk has yet to formally delve into the Bitcoin space, he has long been a fabled member of the crypto community. Since finding his way to the headlines of the world’s media, the Tesla chief executive’s pro-innovation mindset has struck a chord with many enamored with cryptocurrencies. In fact, some say that Musk’s unsaid raison d’etre of bettering society at large, especially by amending the world’s most harrowing issues (climate change, confinement on Earth, financial inequality), lines up with the goals held by many cryptocurrency insiders. Thus, some have even argued that Musk could be Satoshi Nakamoto. Sahil Gupta, a former intern at Musk’s second multi-billion dollar enterprise SpaceX, once infamously claimed that Musk’s brief mentionings of cryptography, economics, the C++ computing language, along with the entrepreneur overarching vision scream Satoshi. The South African-Canadian entrepreneur has done his best to keep his mouth zipped regarding his candidacy for the Satoshi title, but that hasn’t stopped him from talking about cryptocurrencies. We had @elonmusk on the latest episode of @ARKInvest's podcast! He had a few things to say about Bitcoin. "Paper money is going away and cryptocurrency is a far better way to transfer value than pieces of paper." – Elon Muskhttps://t.co/U5qOnM7nBo — Yassine Elmandjra (@yassineARK) February 19, 2019 Bitcoin Is “Quite Brilliant” While the crypto market has remained in a depressed state, save for Monday’s jaw-dropping rally, stars have begun to descend on this industry. Weeks ago, NewsBTC reported that a mass of celebrities, including the Spice Girl’s Mel B, Johnny Depp, Madonna, and Lionel Messi, had some involvement in cryptocurrency. More recently, Jack Dorsey of both Twitter and Square took to Joe Rogan to claim that the native currency of the Internet is likely to be Bitcoin. Related Reading: Twitter CEO Loves Lightning on Bitcoin: is it the Future of Fast, Instant Payments? And just on Tuesday, Elon Musk, the most well-known Silicon Valley guru, took to the New York-based ARK Invest’s “FYI” Podcast to touch on Tesla’s plans, autonomy, other innovations, such as crypto. Per The Block, who compiled his comments regarding cryptocurrencies, Musk made his comments with explicitly bullish tones. After discussing Tesla’s most recent advancements, the hosts of the podcast, the CEO and an analyst at ARK, a disruptive innovation-centric investment group, took a brief aside. They asked Musk if he agrees with Dorsey’s recent comments on Bitcoin and cryptocurrencies at large. Interestingly, Musk responded with an answer, albeit somewhat cursory. He tacitly agreed, noting that the “Bitcoin structure was (is) quite brilliant,” adding that Ethereum and “maybe some of the others” have merit too. Musk did admit that he isn’t too enamored with Bitcoin’s Proof of Work (PoW) consensus mechanism, noting that it is energy intensive. Yet, he explained that fundamentally, crypto assets are great as they bypass currency controls, especially in nations embroiled in financial and political turmoil, like Venezuela. He added that cryptocurrencies are also a “far better way to transfer value than pieces of paper,” subsequently quipping that he’s sure of this “without a doubt.” In spite of all this, he made it clear that Tesla isn’t going to foray into the crypto space in any capacity, noting that it would be a good use of his firm’s resources to prop up an offering. Musk’s abrash comments quickly elicited responses from each and every corner of the crypto space. Matt Odell, a long-time pro-Bitcoin coder and industry personality, joked that the comments “confirmed” his bias that cryptocurrencies could oust banknotes. Changpeng “CZ” Zhao of Binance noted that eventually, “[Musk] will join the brotherhood,” adding that he is unequivocally sure that the businessman will take up a crypto mantle. CZ notably called on the Tesla founder to take up the Lightning Network Trust Chain torch last week, just days after Twitter’s Dorsey openly lauded Bitcoin in dozens of tweets. Crypto Is Better Than Banknotes? While Musk made notable acknowledgments in his brief appearance on ARK’s “FYI,” what stood out to many crypto investors was his thoughts on the dichotomy between banknotes & physical cash, and crypto assets, not centralized e-money. For a brief recap, Musk simply stated that he is unequivocally sure that crypto, whether it be Bitcoin, Ethereum, or otherwise, is a “far better” medium of exchange than pieces of paper. Shocking, right? This may be deemed hearsay by pundits of the legacy world, but the world is already adopting digital mediums of exchange. Per previous reports from this outlet, Arthur Hayes of BitMEX took to his company blog to claim that platforms like WeChat Pay and AliPay have already begun to take over China’s financial system. Who’s to say that cryptocurrencies, a decentralized counterpart to these systems that tout their own currencies, cannot have a similar impact on society at large. The fact of the matter is that these digital payments systems, whether decentralized or centralized, offer benefits that cash/plastic cannot. Case in point, payments on both Bitcoin and WeChat Pay are cheap, rapid, and relatively secure. But arguably, decentralized payment ecosystems, which are non-sovereign, private, immutable, and non-censorable, are even better than their centralized peers, which is likely what Musk was touching on. Featured Image from Shutterstock Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto? was last modified: February 20th, 2019 by Nick ChongThe post Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto? appeared first on NewsBTC.
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In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange

In this edition of The Daily we cover some largely supportive remarks the famous entrepreneur Elon Musk has made about Bitcoin, the latest academic institution to launch a blockchain R&D center, and a new offering from Malta-based exchange Xdat. Also Read: Bank of Spain Report: Bitcoin Is a Solution for a System Without Censorship Elon Musk Talks Bitcoin The founder of Tesla and Spacex, Elon Musk, is once again making headlines about crypto. He recently went on the Ark Invest podcast to discuss the future of autonomous driving technologies. Most of the half-hour interview focused on the strategy behind his electric car company but the topic of cryptocurrency eventually popped up in the last four minutes. Musk commented: “I think the Bitcoin structure is quite brilliant. There seems like there is some merit to Ethereum as well, and obviously others. But I’m not sure if it’s a good use of Tesla resources to get involved in cryptos … We’re really just trying to accelerate the advances of sustainable energy. One downside of Bitcoin is … computationally it’s quite energy intensive. There has to be some kind of constraint on the creation of crypto. It’s very energy intensive to create the incremental bitcoin at this point … It bypasses currency controls. Paper money is going away, and crypto is a far better way to transfer value than pieces of paper. That’s for sure.” Shanghai’s Fudan University Launches Research Center Shanghai’s Fudan University has become the latest academic institution to launch a blockchain R&D center. Founded in 1905, Fudan is one of the most prestigious and selective schools for higher learning in China. The Shanghai Blockchain Engineering Technology Research Center is tasked with carrying out basic research in the field, developing demo applications in collaboration with the broader industry, and training talent to serve Shanghai’s economic development. Last month the University of California, Berkeley announced the formation of its own blockchain-focused startup accelerator program, the Berkeley Blockchain Xcelerator. This program is meant to help aspiring entrepreneurs create high-value ventures in the blockchain space with industry guidance from Silicon Valley. Xdat Exchange Lists 18 Trading Pairs Xdat, a new Malta-based cryptocurrency trading exchange, has announced the listing of 18 trading pairs. These comprise ETH/BTC, BCH/BTC, EOS/BTC, ETC/BTC, XRP/BTC, DASH/BTC, LTC/BTC, BTC/ETH, BCH/ETH, EOS/ETH, ETC/ETH, XRP/ETH, DASH/ETH, LTC/ETH, BTC/TUSD, ETH/TUSD, BTC/EURO, and ETH/EURO. The company has further plans to add other pairs over time. The exchange is compliant with Maltese regulations for KYC and AML procedures and caters to both retail and institutional investors. Its fiat gateway allows users to deposit funds in 12 major currencies: USD, GBP, JPY, HKD, CHF, AUD, NOK, SEK, DKK, CZK, PLN, and HUF. This selection is meant to eliminate the need for involvement of a foreign bank for the supported options and allows users to work solely with Xdat’s bank. “Xdat is on a mission to address the key problems of existing exchanges … including lack of flow of new capital, lack of trust, no approach for mass adoption, and high fragmentation,” said CEO Prashanth Swaminathan. “Our aim is to bring crypto to all. To that end, we will be working closely with our community and using their support and feedback to make our interface more user-friendly and trading as streamlined as possible.” What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange appeared first on Bitcoin News.
Bitcoin News

Elon Musk Praises 'Brilliance' Of Bitcoin And Ethereum, But Clash With Tesla's Energy Stance

Main Street seems to be giving cryptocurrency a second look. Last week, Jamie Dimon and JPMorgan Chase & Co. (NYSE: JPM) announced an investment in JPM Coin, which will become the first digital token provided by a U.S. bank. This week, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk lent cryptocurrency additional validation. “Paper money is going away, and crypto is a far better way to transfer value than pieces ...Full story available on Benzinga.com
Benzinga

Elon Musk Calls Bitcoin "Brilliant" | Here's Why He's Optimistic

What are your thoughts on this news? Are you optimistic or bearish? Feel free to leave a comment below! Thank you all so much for watching the video. If you enjoyed the video, please consider dropping a like and subscribing. Running into some trouble or questions? Feel free to leave them down in the comments below! ---------------------------------------------------------------------------------------------------------- Check out Yellow: https://www.youtube.com/channel/UC2u2FXKKyIFsNBr_MlpCMfA Interested in signing up for our newsletter? Click the link below! Link: https://www.nicholasmerten.com/newsletter-dash-report-1/ Looking to file your crypto taxes? Check out TaxBit! https://app.taxbit.com/invite/DataDash/ ---------------------------------------------------------------------------------------------------------- What are your thoughts on current markets? Are you optimistic or bearish? Feel free to leave a comment below! Thank you all so much for watching the video. If you enjoyed the video, please consider dropping a like and subscribing. Running into some trouble or questions? Feel free to leave them down in the comments below! *I WILL NEVER PURSUE PROJECTS THROUGH TELEGRAM OR OTHER SOCIAL MEDIA OUTLETS. CONTACT MY EMAIL LISTED BELOW FIRST AND THEN VERIFY MY IDENTITY THROUGH A VIDEO CALL BEFORE MOVING FORWARD. THERE ARE MANY SCAMMERS IN CRYPTO. EMAIL SPOOFING IS RAMPANT, SO VERIFY MY IDENTITY THROUGH VIDEO* For consulting, speaking, or other business inquiries, please feel free to reach me at contactdatadash@gmail.com Patreon: http://patreon.com/data_dash Telegram: Alerts | https://t.me/Data_Dash Discussion | https://t.me/datadash Discord: https://discord.gg/S7MtTcB Donate NANO: xrb_3y7qi1z5kcpgi9cnk4bctus155qntiy1cszfmeh9zg7eqqqjb9imebsqf33t BTC: 14DHXJa9CgeBPf6m7UeMKE9yzAYFKPW2nV ETH: 0xa34d3461ae04953489e9aa464689c022836751d0 Want to start trading cryptocurrencies? Sign up through this link to get $10 of free bitcoin with your first purchase of over $100 ↓↓↓ https://goo.gl/woCYL6 Want to start trading coins? My top choice is Binance. ↓↓↓ https://goo.gl/DZVYPn Want to trade OTC? Caleb & Brown is my personal favorite to get started. https://partners.calebandbrown.com/datadash Looking to buy physical gold or silver? Check out the link below: https://goldsilver.com/?aff=DD Disclaimer: Statements on this site do not represent the views or policies of anyone other than myself. The information on this site is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities.
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