Topic: [2018-03-25] Quebec Pushes Hydropower Utility to Halt New Bitcoin Mines (Read 255 times)
March 25, 2018, 06:44:22 PM
It's not all that bad and also not an attack against miners as in being entities involved in crypto. Whether people here like to admit it or not, power hungry miners form an obstacle locally, and at some point you'll be facing a line that you can't cross. They just put the potential advantages of these miners sucking the power out of the local establishment against the negative aspects, and it's clear that at this point in time, the positive aspects don't add up enough. Good thing is that already settled miners will be able to continue, but new applicants will no longer be considered. I however don't see anything in the article pointing out till what extent are the settled miners able to expand their operations. With how the difficulty keeps jumping up, miners need to add hardware to remain relevant, otherwise they'll fall back and mine less blocks while they do pay the full price....
March 25, 2018, 12:05:16 PM
They probably think of Bitcoin as a waste of electricity that is hurting their jobs, but it does serve a purpose. Albeit one that creates fewer jobs. I don't know exactly why electricity is so cheap there, whether it's because it is just naturally cheap due to the technology or geography they have, or because it is made cheap to subsidize certain things. If the latter, I could see the opposition as legitimate since they intend to subsidize certain activities and not others, especially if it really could create a shortage.
March 25, 2018, 11:11:05 AM
We have to read between the lines. I think there are some factors known to be the underlying reasons why there is such a decision to discourage cryptocurrency mining operations. In fact, this is all business since these mining operators will be paying the power they are using. What should the government do is to raise the tax or fees requirements for such operations and maybe limit the number of possible approved locators. Anyway, am sure there can be other places who are needing this type of business...a place where power is abundant and cheap.
The article explains that it's not because officials in Quebec are anti-Bitcoin but because there's too many miners who want to establish their operations there, and officials are afraid that there's not enough power for everyone. Although it seems like they are not very enthusiastic about mining - maybe they are not sure if it will survive for a long term, because they might think that Bitcoin is a bubble of will be banned.
March 25, 2018, 09:57:07 AM
We have to read between the lines. I think there are some factors known to be the underlying reasons why there is such a decision to discourage cryptocurrency mining operations. In fact, this is all business since these mining operators will be paying the power they are using. What should the government do is to raise the tax or fees requirements for such operations and maybe limit the number of possible approved locators. Anyway, am sure there can be other places who are needing this type of business...a place where power is abundant and cheap.
March 25, 2018, 09:41:16 AM
The Canadian province of Quebec has temporarily put a halt to the development of new cryptocurrency mining operations.
The region - known for its cheap hydropower - has been an attractive destination for cryptocurrency miners looking to expand their businesses. Yet on Friday, Canadian newspaper Les Affaires reported that operators tied to utility firm Hydro-Quebec are turning down new clients, in part due to the demands placed on the hydroelectric dam by existing operations.
Quebec's Minister of Energy and Natural Resources, Pierre Moreau, said cryptocurrency mines require a lot of energy, but only generate a small number of jobs when compared to other factories, such as those which refine aluminum.
https://www.coindesk.com/hydro-quebec-suspends-new-mining-operations/
What really makes a firm to turn back when its benefiting them?
The region - known for its cheap hydropower - has been an attractive destination for cryptocurrency miners looking to expand their businesses. Yet on Friday, Canadian newspaper Les Affaires reported that operators tied to utility firm Hydro-Quebec are turning down new clients, in part due to the demands placed on the hydroelectric dam by existing operations.
Quebec's Minister of Energy and Natural Resources, Pierre Moreau, said cryptocurrency mines require a lot of energy, but only generate a small number of jobs when compared to other factories, such as those which refine aluminum.
https://www.coindesk.com/hydro-quebec-suspends-new-mining-operations/
What really makes a firm to turn back when its benefiting them?
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