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Hydro-Quebec Seeks To Cut Power To Blockchain Miners
Public utility provider Hydro-Quebec petitioned electricity distribution regulator, Regie de l’energie, to stop allocating energy to the blockchain industry.
Ankita K.
10:42 3rd Nov, 2022

Miners in Quebec may soon be looking off-grid for power solutions.

Public utility provider Hydro-Quebec cited increased electricity demands over the next decade as it filed a request with the region’s electricity transmission and distribution regulator, Regie de l’energie, to suspend services for the blockchain industry.

The request came as a part of the provider’s Electricity Supply Plan 2023–2032, a report that said its electricity demand is expected to see an uptick of 14% over the next 10 years. Around 270 MW reserved for mining operations would “increase pressure on current balances,” Hydro-Quebec said.

It is unclear if Regie de l’energie will opt to grant the request.

Blockchain mining organizations faced challenges over the last year, with a significant downturn in bitcoin mining revenue.

As the market conditions persist, bitcoin mining operator Iris Energy faces a likely default as soon as Nov. 8.

North American bitcoin miner Argo also had its share of struggles, failing to close a £24 million ($27 million) subscription deal, the announcement of which prompted the company's stock price to fall by 50%.

Similar woes emerged for bitcoin miner Core Scientific after the company revealed that it may run out of capital by year's end and is considering bankruptcy.


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