Hydro-Quebec which is the largest electric utility company in Canada has been trying to attract cryptocurrency miners for quite some period of time. Finally, it seems like the efforts of the company are paying off. The company is offering renewable energy as well as low-cost energy to cryptocurrency miners. The only caveat is that the cryptocurrency miners should set up operation in Quebec. Recently, it became pretty clear that the demand is far outstripping the supply.
Huge Demand from Cryptocurrency miners:
According to CEO of the company, Eric Martel the company has received hundreds of applications just in the past few weeks. According to the company, the expected demand for these applications is around 9000 MW. This is around 25% of the current power generation capability of the company. Also, the company clearly stated that it is negotiating with multiple cryptocurrency companies in order to strike a deal. Many of the companies from Asia are also contacting the electricity utility company to set up mining operations.
Consistent efforts by the utility company:
The power company has been trying to garner cryptocurrency mining investments in the region for quite some period of time. The power rates currently in the region are lowest in entire North America. This is the reason why it is an attractive proposition for the cryptocurrency miners as well as companies to set up mining operations on a large scale.
According to the company, they will be able to look at all the applications in the following months. Also, the company has clearly stated that it will not be able to provide power to each and every company who has sent a request. The company does not plan to increase its power generation capability further.
The current power rate is 5 Canadian cents per kilowatt-hour. According to the company, it will also be working to safeguard the power supply to the residential as well as normal industrial users. Only once it is safeguarded, it will supply power to the cryptocurrency miners.
It seems like, with the enormous appetite for cryptocurrency mining, Quebec is sure to become one of the most popular mining regions all over the world. With the availability of cheap electricity, many mining companies will migrate to set up a mining operation in the region. This will be a win-win situation for the local economy as well as for the cryptocurrency miners. The local company will be able to sell their power to the cryptocurrency miners and the cryptocurrency miners will be able to generate a profit on their investments.