The province of Québec is known for a lot more than just its poutine and coffee. In fact, Québec has quickly become one of the top locations for cryptocurrency farming. This has caused the province to become flooded with cryptocurrency mining operators from all over the world. While this might sound like it would be good business for the province, it hasn’t been all fun and games.
Québec Cryptocurrency Farming
In January, there were more than 30 applications to mine in the province. As a result, Québec is starting to worry that state utility Hydro-Québec “won’t be able to power” all of the projects interested in cryptocurrency farming in the predominately French-speaking province.
This isn’t much different from what is currently happening in Iceland. The Nordic island nation is yet another cryptocurrency farming hot spot and has seen a number of companies over the last year putting in requests to start cryptocurrency mining in the country. However, its popularity has caused Iceland to worry about whether or not they will have enough energy to mine the projects. If they do, Iceland fears they will use all of their energy trying to keep these projects afloat.
On March 2, the Québec government stated that it has no interest in providing cheap electricity to Bitcoin miners through state utility Hydro-Québec. Premier Philippe Couillard then went on to say that if people want to continue cryptocurrency farming in Québec, there needs to be “added value for our society.” Essentially Couillard believes that Québec cryptocurrency farming without “added value” will prove to be unfavorable to the economy.
This is marginally different from what Hydro-Québec said back in January. The utility announced on January 25 that it will have to start turning away cryptocurrency farmers looking to set up shop in the province.
The Takeaway
While I can’t say whether I agree with the government’s statement that bitcoin mining without added value is unfavorable, I do agree that cryptocurrency farming is starting to become a bit of a problem worldwide. Going forward, I think it will be important to keep an eye on both Québec and Iceland.
