Translated from French webiste using Google translate:
The Couillard government will lift its moratorium on the sale of electricity to cryptocurrency miners, an energy-hungry industry that could absorb a large amount of Hydro-Québec’s energy surplus, “Le Journal de Québec”.
The Minister of Energy, Pierre Moreau, will present his colleagues today a decree that will regulate the sale of energy to minors bitcoins and other cryptocurrencies, a technology that requires powerful computers and energy-intensive, according to a well-informed source.
According to the information gathered by our Parliamentary Office, Quebec wants to avoid missing the ship cryptocurrency and can not wait.
The question is not insignificant. More than a hundred companies whose energy consumption exceeds 10 TWh have made requests to purchase electricity from Hydro-Québec. They are waiting for the end of the political impasse to have a response from the state corporation.
In comparison, Hydro-Québec’s recurring surpluses are approximately 13 TWh, according to the data reported in the most recent Auditor General’s report.
Hydro-Québec has never anticipated such an improvement. In January, CEO Eric Martel said in an interview with “Le Journal de Québec” that he planned to sell nearly 5 TWh to this sector in the coming years.
“This article has been translated by many sites specialized in cryptocurrency, it had circulated a lot. There was international media coverage, it gave an extra breath. At first, we say “it’s fun, customers”. But there is a point where there are too many requests, “notes Marc-Antoine Pouliot, spokesperson for Hydro-Québec.
Pierre Moreau then put a stop and installed a quasi-moratorium. He said in February that “we must ensure that this type of business is controlled, so that Hydro-Québec does not see all of its production capacity absorbed”.
Its decree, which will affect the Régie de l’énergie and Hydro-Québec, would set different rates for the mining of cryptocurrencies and would allow Hydro-Québec to do “forced load shedding”, that is to say, to cut the food to these companies during the 100 to 300 hours per year when the Quebec power grid is at maximum capacity.
“Having interruptible customers during these critical periods makes it possible to connect more,” said Hydro-Québec spokesman Marc-Antoine Pouliot, who can not confirm the content of the ministerial decree.
Hydro-Québec’s mandate is “to ensure the implementation of cryptocurrencies in Quebec by maximizing economic benefits and ensuring the stability of our electricity supply.” “We’ve been waiting a long time,” says Pouliot.
The Coalition avenir Québec is asking the Couillard government to move for some time. “Minister Pierre Moreau is missing important investment projects for the province,” said MP Chantale Soucy earlier this month.
More than 100 companies that consume more than 10 TWh await a response from Hydro-Québec.
Cryptocurrency drilling requires powerful computers to perform complex calculations in exchange for monetary gain. In the case of bitcoin, the best known of these cryptocurrencies, minors receive a small fraction of bitcoin.
Block-chain technology could revolutionize the storage and transmission of information.