Mining of virtual Cryptocurrencies appears to be receiving positive adoption from various countries across the globe. But despite that success, there are certain governments that have begun the process of banning this activity in their regions, with the latest one being the government of Quebec.
Critics From All Corners
The latest move by the government of Quebec to have mining of Cryptocurrencies disconnected from their regions has not been received well. Serious critics have come from some of the key industry partakers, led by Francois Remy. Mr. Remy is the current head of digital desk at one of the leading newspapers in the Republic of Quebec known as the Les Affaires.
According to Philipe Coulligard, the Quebec premier, the miners of Bitcoin who might be planning to move to that country might have to put that dream on hold. This is due to the fact that the area will not obtain affordable electric power from Hydro-Quebec, the state-owned utility. At the moment, this facility does not have the capacity to provide sufficient power for all the miners in that region.
Hydro-Quebec has confirmed that it has official orders from the government to wait for further instructions. According to the latest follow-up document sent to certain contractors of Blockchain by Hydro-Quebec, projects representing several thousand megawatts have been obtained in the recent past.
No Service to Blockchain Contractors
Going further, the Quebec state-owned provider of electric power has advised a section of Blockchain contrac5tors that it would not be in the best position to offer them with sufficient powers. The company stated that it is coming up with guidelines that would be used to supply various projects. This is done while factoring in the personal needs of other customers and therefore minimizing the rate, which would in turn, maximize the rate of inflation.
The Amount of Electricity Requested
The projects have demanded an amount of electric power that is 5000% above the standard average of household consumptions. Remy went further to note that in certain instances, the average goes way above that of the smelters of aluminum.
The Minister of Energy for the Quebec government, Mr. Pierre Moreau also had another view. According to him, the Blockchain projects demands a high amount of energy without producing the expected high number of jobs. In most instances, the projects only produce two or just three jobs, while aluminum smelters, on the other hand, produce hundreds of jobs.
Mr. Pierre Moreau went further to note that his government has plans to ensure that electricity will even be provided even during the peak winter energy periods. However, it would be quite hard to produce the energy during that time because of the ongoing Bitcoin mining.
A New Direction?
The utility has been previously known for producing large amounts of energy, something it attracted many customers with. Its new position comes as a total surprise.
The main goal of the utility is to double its current revenue output to a region of $30 billion by the year 2030. This is a total based on the plans dedicated to the digital coins and the Blockchain system.