Image default
Uncategorized

Quebec not interested in Bitcoin mining if there’s no availability of added value.

Add

Apparently, the government of Quebec is “not interested” to make cheap electricity available to all the Bitcoin miners. Previously, the higher officials and authorities had reported that they would provide permission to establish a mining setup but now it seems that they are aware of the increased costs and are not ready to proceed for a full fledged arrangement.

In the conference held in Montreal, the capital city, Mr Philippe Couillard stated that doing bitcoin mining without having any added value provided was unsuitable for the economy. He commented, “If you want to come settle here, plug in your servers and do Bitcoin mining, we’re not really interested”.

He also said that there is a need for added value in the society for it to be of economic significance. But with just mining Bitcoins and enabling servers to do transactions, it won’t really provide the required added value.

This year initiated Quebec’s entrance on the Cryptocurrency mining operators, globally. It has been said that Hydro-Quebec was overwhelmed to find a massive number of queries coming from companies, looking forward to form partnership and have beneficial deals at cheap wholesale rates.

There has been an addition of thirty applications in January itself and the vent was aware that it won’t be able to provide power and electricity to the increased number of interested people in starting up their projects.

The CEO of Hydro-Quebec, Mr Eric Martel informed that connecting with the huge number of miners would probably become a problem for them because providing power capacities for that massive number of miners wasn’t really possible.

There happens to be a lot of limitations in what they can do. They do have a huge network which has a lot of power but it will never be enough to host the miners globally.

Add

Related posts

Blockchain for Dummies, sorry, for Idiots.

CP Team

Jeremy Grantham of GMO Investment Management Fears Bitcoin’s Bubble Will Burst in Two Years

CP Team

Israeli Bitcoin Company Sues The Banks

CP Team

Leave a Comment