Phillippe Couillard, the premiere of the Canadian province of Quebec has stopped the authentication of new mining activities in collaboration with Hydro-Quebec, the province’s state-owned power company.
Applicants of authentication of New Mining activities stop by Hydro-Quebec
Even though the firm has a big chunk of electricity volume that it can provide to serve the need of its various clients located in its vicinity, they will not permit every mining individual(s), explain the firm. The firm continued, detailing that, in the past couple of months, they have admitted proposal documents that represent many thousand megawatts.
Moreover, the company also noted that Hydro-Quebec Distribution will not be capable of providing the entire of the installations aimed at the project documents which have been admitted. At the moment, it is been analyze, specifically due to the fact of their influence in the time of winter peaks.
Currently, the company confirmed that it is operating towards developing policies to regulate which of the projects admitted by applicants in the blockchain community can be permitted, and also as conditions and tariffs should comply within the virtual currency industry.
Hydro-Quebec Decision spurred by Government intervention, sources say
The conclusion by the Hydro-Quebec firm is to stop in the short term the latest collaboration with offshore mining companies has been an element of surprise, as the firm as just made attempts to double its income to USD 30 billion by 2013. This is alongside commercial moves which aim at the blockchain and virtual currency sector which consist of the main source of projected revenue.
The management of the virtual currency sector was removed by Hydro-Quebec company and got a command to wait for fresh guidelines from the state authorities, quietly, as elaborated by an anonymous source close to the company and reported by a local media outlet.
Pierre Moreau, the Quebec cabinet member detailed that the target of the state is to ensure all Canadian nationals obtain services from Quebec during winter, even though they claim to be working on mining virtual currency.
Proliferate local mining activities
Jonathan Hamel the founder of a bitcoin consulting based in Montreal commented that the Coullard government conclusion does not shock the public taking consideration of the fact of the government’s “hostility to technological change”. Mr. Hamel further explains that in the past the Couillard administration had made an effort to legitimize uber. He also noted that “taxation of the giants of the web” continuing “Mr. Couillard seems to be inspired by regulatory surges in the European Union, a strategy that has the effect of scare investors”.
The amount of domestic mining activities appears to have immensely multiplied with Hydro-Quebec presenting that it has acquired supply demanded from individuals that consume 5,00 percent more power than “the average home” as reported by Newsbitcoin.com