Canadian utility Hydro Quebec will be unable to meet demand from cryptocurrency miners seeking to benefit from the province's low energy prices, the company said. Bitcoin mining uses huge amounts of power as it uses computers to solve complex maths puzzles to validate transactions and write them into the blockchain. Hydro Quebec said it does not have the anticipated long-term capacity as the number of potential mining schemes hit 70, more than doubling in the next 10 years. It is now reviewing its commercial energy strategy, but stressed it will not automatically refuse entrepreneurs amid a rapidly evolving situation.
Canadian utility Hydro Quebec will be unable to meet demand from cryptocurrency miners seeking to benefit from the province's low energy prices, the company said. Bitcoin mining uses huge amounts of power as it uses computers to solve complex maths puzzles to validate transactions and write them into the blockchain. Hydro Quebec said it does not have the anticipated long-term capacity as the number of potential mining schemes hit 70, more than doubling in a week. It is now reviewing its commercial energy strategy, but stressed it will not automatically refuse entrepreneurs amid a rapidly evolving situation.