Robert Steinadler, a month ago

Outrage: Hydro-Québec attempts to shut down Bitcoin miners

Bitcoin is under constant attack by its critics and their biggest talking point is the energy consumption of the network that is caused by the miners. Many Bitcoiners had high hopes that with the mining industry opting for green energy sources this debate would sooner or later become obsolete. It seems that selecting a fitting supplier isn’t enough.

Why is Hydro-Québec looking to cut off Bitcoin miners from one of the biggest green energy supplies available in the world?

The demand is increasing

According to a public statement of the company, the demand for electricity will increase in the next decade drastically and by around 14 % next year alone. Driving factors for this development are electric cars and what is dubbed as industry 4.0 which is fully automated and each device is connected over the internet.

To meet the increasing demand of the changing industrial environment Hydro-Québec petitioned the authority in question to effectively exclude miners and blockchain service providers from their services.

According to local news media, it is highly likely that this petition will be acknowledged and that mining and blockchain businesses have to move or try to find another option. Hydro-Québec is the biggest energy supplier in Canada and one of the biggest hydro energy suppliers in the world. Needless to say, the regional mining industry could be effectively annihilated or forced to move elsewhere.

Who gets to decide what’s important?

The biggest problem is not that Québec is trying to use its energy supply with care. It is the question of who has the right to call out on needless energy consumption. Is binge-watching Netflix important enough or shall we force the company to shut down all the data centers and infrastructure? Do we really have to take pictures of our dinner and our cats and share them on Instagram?

Of course, Bitcoin is currently not the number 1 store of value or payment method in Canada or specifically Québec. It makes only sense to exclude something that has no immediate use within society. With that being said, one could argue against a lot of things that are not contributing much except for a few hours of entertainment.

Bitcoin is a piece of freedom that requires energy to protect the interests of all of its users. In this context cutting off Bitcoin miners from clean energy sources feels completely wrong.

Featured articles
Four trading strategies for crypto
Bitcoin and Ethereum: what are the differences?
What determines the Bitcoin price?
Related articles
Block Inc. and Strike driving Bitcoin adoption in Africa

Dec 07, 2022

Africa is one of the places where many blockchain related projects promise to change things for the better. Cardano has entered partnerships in Ethiopia and Tanzania to educate developers and offer blockchain-based solutions in several fields. Bitcoin, on the other hand, is open-source and not driven by a single company unlike Cardano, but there are still players which expect that Bitcoin will make a positive impact on the continent.

Trade anytime, anywhere

Boost your trading impact and reaction time in over 80+ cryptocurrencies via instant access to your portfolio with the LiteBit app.

  • 2525 Ventures B.V.
  • 3014 DA Rotterdam
  • The Netherlands
More info
  • About LiteBit
  • Careers
  • Business account
  • Support
  • Sell
  • News
  • Education
Subscribe for updates

Sign up to stay informed via our email updates

Subscribe
Explore popular coins
© 2022 LiteBit - All rights reserved