Cryptocurrencies
Quebec Halts Bitcoin Mining Power Requests Amid Booming Demand
- Canadian utility says demand exceeds short-term capacity
- Quebec takes measures to avoid need for rate increases
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Hydro-Quebec will temporarily stop processing requests from cryptocurrency miners so that it can continue to fulfill its obligations to supply electricity to the entire province.
Canada’s biggest electric utility is facing “unprecedented” demand from blockchain companies that exceeds Hydro-Quebec’s short- and medium-term capacity, according to a statement Thursday. In the coming days, Hydro-Quebec will file an application to the province’s energy regulator proposing a selection process for blockchain industry projects.