Friday, June 8, 2018

Ever increasing energy consumption demands by crypto miners getting serious as Quebec cracks down on the industry

While cryptocurrencies haven't made a large dent in the world's fiat monetary systems as of yet, there is one sector of the economy that they are coming to effect many people's everyday lives.  And in the newest location to elect to crack down on cryptocurrency mining, the City of Quebec, Canada has ordered a ceasing of increased energy output for the sector out of fears that they might not be able to support the regular people in their own energy needs.


The government of Québec is blocking all new requests for hydroelectric power from cryptocurrency-mining operations, so energy company Hydro-Québec can keep supplying power to everyone else in the Canadian province. 
The emergency move followed a warning from Hydro-Québec that the “unprecedented demand” from these operations, which use a lot of power in order to generate virtual currencies such as Bitcoin, “exceeds Hydro-Québec’s short- and medium-term capacity.” - Fortune
Perhaps the biggest irony is that the top seven global economies will be meeting in Quebec this weekend for a summit, and cryptocurrencies might very well be on the group's agenda. 

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