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.

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…

Read Full: Hydro-Quebec Turns Down New Applications for Crypto Mining Operations