Hydro-Québec, Québec’s energy provider, recently informed Bitcoin Magazine that they provide 668 MW of energy to Bitcoin miners. With an index launched by Cambridge earlier this year estimating that the Bitcoin network currently draws 6.89 GW of energy, this would mean Québec alone accounts for roughly 10% of the Bitcoin energy consumption.
With publicly listed companies Bitfarms and Argo Blockchain locating their facilities in the region, it is not surprising that the area accounts for a significant percentage of energy consumption. Québec’s politically cool climate and vast hydropower production have also attracted other operations to the region with Blockstream having one facility based in Québec.
However, recent political uncertainty may be preventing Québec from expanding on this. Québec’s energy board has been developing new guidelines for businesses related to blockchain technology which has led some mining operations to consider other areas in Canada such as Alberta as well as facilities in North America.
Source: Bitcoin Magazine