{"id":3080,"date":"2018-01-24T03:55:36","date_gmt":"2018-01-24T03:55:36","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=3080"},"modified":"2018-01-24T03:55:36","modified_gmt":"2018-01-24T03:55:36","slug":"news-commentary-305-worldmining-update-canada-struggles-meet-electricity-demand-cryptocurrency-miners","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=3080","title":{"rendered":"News Commentary #305 – WorldMining Update – Canada Struggles to Meet Electricity Demand from Cryptocurrency Miners"},"content":{"rendered":"

Updates from WorldMining on Power Supply for Miners.<\/strong><\/p>\n

On a regular basis, WorldMining<\/a> (reviewed here<\/a>) reports on news related to cryptocurrencies throughout the world.\u00a0 Usually, we don\u2019t reprint these reports on our blog.\u00a0 However, I feel that this one is of interest as it emphasizes the difficulty of solving the two main problems that are invariably faced by miners: power supply and cooling.\u00a0 According to the WorldMining<\/a> report, \u201cHydro-Quebec, the largest state-owned utility in Canada, appears unable to meet the electricity demand from cryptocurrency miners seeking to establish operations in the energy-rich province. The announcement comes just weeks after the company sought to entice virtual currency miners as a means to bolster the province\u2019s economic outlook, claiming that it had 5,000 megawatts of power to spare.\u201d\u00a0 WorldMining<\/a> then presents a number of related articles that I am reproducing below.\u00a0 Perhaps you will also find them interesting\u2026<\/p>\n

Quebec Overwhelmed by Electricity Demand from Miners<\/strong><\/p>\n

Hydro-Quebec has indicated that it will not be able to meet the scale of power demanded by cryptocurrency miners, following an apparently overwhelmingly successful campaign designed to attract investment from the mining industry. Marc-Antoine Pouliot, a spokesperson for Hydro-Quebec, recently\u00a0stated\u00a0\u201cWe won\u2019t be able to power all the projects that we\u2019re receiving,\u201d attributing the utility\u2019s changed position to overwhelming expressions of interest from mining companies. Mr. Pouliot stated the number of interested parties doubling over the course of the last week, resulting in the utility presently considering 70 potential mining projects. \u201cWe are receiving dozens of demands each day. This context is prompting us to clearly define our strategy,\u201d he added. Feral-Pierssens, who works alongside cryptocurrency miners seeking to establish operations in the province, has indicated that the expressions of interest received by Hydro-Quebec represent only a minority of the demand held within the mining industry, stating \u201cThis is the tip of the iceberg, as only a fraction of the initiatives have reached out to Hydro Quebec yet.\u201d<\/p>\n

Chinese Regulatory Concerns Drive Mining Companies Overseas<\/strong><\/p>\n

Amidst growing uncertainty regarding the future of mining within China, Eric Martel, the CEO of Hydro-Quebec, recently sought to\u00a0attract cryptocurrency miners to establish operations in the province. Mr. Martel not only proclaimed the advantages the province could offer to miners \u2013 both in terms of access to cheap electricity and inexpensive cooling offered by Quebec\u2019s snowy winters \u2013 but emphasized the benefits that could be reaped to the local population, stating that without a dramatic increase in the scale power consumed within the province, citizens could face an \u201cexplosion\u201d in electricity tariffs in order to ensure the survival of the apparently struggling utility. Hydro-Quebec has estimated that the province will produce approximately 100 terawatt-hours worth of power during the next decade \u2013 the equivalent of the energy required to power 6,000,000 homes in one year. In addition to cryptocurrency miners, Hydro-Quebec has also sought to entice entrepreneurs seeking to establish data centers in the province \u2013 as such are seen to create more job opportunities.<\/p>\n

Industry Leaders Eye Quebec<\/strong><\/p>\n

David Vincent, the director of business development at Hydro-Quebec distribution, recently\u00a0stated\u00a0that \u201cOf the world\u2019s top five largest blockchain players, we have at least three or four.\u201d Earlier this month, Reuters also\u00a0reported\u00a0that Nishant Sharma, a Bitmain spokesman, stated that the company has been in discussions with provincial power authorities regarding a number of potential sites in Quebec \u2013 indicating that the world\u2019s largest mining company is among those seeking to establish operations in the Canadian province. Hydro-Quebec\u2019s Vice President of distribution, Eric Filion, has indicated that some companies have had issues finding sites with existing infrastructure suited to the requirements of industrial-scale mining operations. \u201cWe have the energy available,\u201d Mr. Filion recently stated. \u201cIt\u2019s a question of finding land and buildings quickly.\u201d<\/p><\/blockquote>\n

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Updates from WorldMining on Power Supply for Miners. On a regular basis, WorldMining (reviewed here) reports on news related to cryptocurrencies throughout the world.\u00a0 Usually, we don\u2019t reprint these reports on our blog.\u00a0 However, I … News Commentary #305 – WorldMining Update – Canada Struggles to Meet Electricity Demand from Cryptocurrency Miners<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":2817,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[902,903,792,901,793,801,797,798,800,840,799,802,803],"class_list":["post-3080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-cryptocurrency-miners","tag-cryptocurrency-mining","tag-httpsworld-mining-net","tag-miners","tag-world-mining","tag-world-mining-info","tag-world-mining-investment-plan","tag-world-mining-investment-program","tag-world-mining-news","tag-world-mining-review","tag-world-mining-scam-or-paying","tag-world-mining-update","tag-world-mining-updates","exalt-entry"],"yoast_head":"\nNews Commentary #305 - WorldMining Update - Canada Struggles to Meet Electricity Demand from Cryptocurrency Miners - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=3080\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WorldMining Update - Canada Struggles to Meet Electricity Demand from Cryptocurrency Miners | FAIR and FAST HYIP News | EmilyNews | EN\" \/>\n<meta property=\"og:description\" content=\"Updates from WorldMining on Power Supply for Miners. On a regular basis, WorldMining (reviewed here) reports on news related to cryptocurrencies throughout the world.\u00a0 Usually, we don\u2019t reprint these reports on our blog.\u00a0 However, I … News Commentary #305 – WorldMining Update – Canada Struggles to Meet Electricity Demand from Cryptocurrency MinersRead more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/emilynews.com\/blog\/?p=3080\" \/>\n<meta property=\"og:site_name\" content=\"EmilyNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-24T03:55:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2017\/12\/wm.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"200\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Emilynews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"WorldMining Update - 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