The current geopolitical crisis situation places energy management as one of the main international issues. And every country is trying to limit future power outages by developing priority strategies. A list that obviously doesn’t include cryptocurrency miners. As proof, the public provider Hydro-Quebec has just submitted a request to stop the distribution of energy to the blockchain industry.
The question is legitimate in this period of energy crisis. Is it better to be able to heat houses in the province of Quebec rather than mine Bitcoin? The problem is that nothing is that simple (ist) e. Because even if some consider this energy consumption useless, it is no more so than other areas still spared by this decision. But it’s always easier to cut power to a sector you don’t use.
Whatever happens, cryptocurrency miners – and the blockchain industry as a whole – will have to do it consider alternative solutions to resist such attacks. Because it seems that this type of strategy is spreading like a trail of petrol at 2 euros per liter. The latest example is Moldova, which leads Europe in this area. And since yesterday the national giant Hydro-Quebec who wants to do the same …
Hydro-Quebec: Blockchain power outage
The information is a cause for concern for blockchain industry players, largely confined to miners. Why Quebec’s public electricity supplier just filed an official request to the Régie de l’énergie to shut down their electricity. In question, a forecast that foresees “an increase of 25 terawatt hours (TWh) or 14% of the electricity demand in Quebec in the period 2022-2032”.
” Given the significant increase in expected electricity demand and tightening energy and capacity balances, Hydro-Québec has submitted an application to the Régie de l’énergie regarding the suspension of the award process to the blockchain industry. “
With the main sectors involved – excluding organic growth (+4.3 TWh) – the conversion of buildings / industrial processes (+4.5 TWh), emerging markets (+8.9 TWh) and new technologies (+7 , 8 TWh). And, “as part of this process, approximately 270 MW were to be dedicated to short-term cryptocurrency use. “An amount that, according to Hydro-Quebec,“ would increase the pressure on current balances ”. However, a simple passage of this figure into a converter allows you to understand this this corresponds to only 0.00027 TWh! What unbearable pressure …
A request that is part of the electricity supply plan 2023-2032 of the supplier Hydro-Québec. And that has yet to be validated by the Régie de l’énergie, the only authority capable of deciding on the effective and / or priority allocation of electricity on its territory. But for the moment nothing allows us to know whether or not he will be in favor of this request. But this is putting a little more pressure on a bitcoin mining industry already battered by the bear market.
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