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The Fate of Québec Bitcoin Eldorado is Yet to be Decided

It’s 6:20 AM in Quebec at the time of writing, and the bitcoin mining in is hinging on today’s parliamentary elections.

The elections will decide how the electricity will take allocation for bitcoin mining. Since China and other countries join the crackdown on the mining industry, Quebec has been surging with bitcoin miners. The Quebec election polls will decide if higher charges will levy to blockchain industries.

The government justifies its stance by pointing towards the grid capacity and the economic development concerns. An economic study commission by Hydro-Québec in May finds the number of jobs per megawatt by crypto miners.

And this is significantly less in comparison to other high electricity consumers like data-centers. However, the local industries weren’t on the same page with the government. They saw this as a political crackdown, chasing away investors and innovation.

“These measures immediately damaged numerous mining operations in Quebec and deterred investors who went elsewhere,” says a former columnist at Les Affaires, François Remy.

An upstart center-right, pro-business party, Coalition Avenir Québec (CAQ) might have an upper hand in early elections. Separatists, Parti Québécois, expects to take the third place. Yet has to take an official stance on Bitcoin mining.

While many believe CAQ will be pro-blockchain if there’s a victory. This will help further innovations in the blockchain industry.

“The (Liberal) government is about to lose the elections. The other political parties, like Parti Québécois and CAQ, seem more open to the blockchain. They want to attract these companies, to support them and use cheap electricity and cold climate. As a competitive advantage for the Québec economy,” said Remy.

Moreover, the elections are yet to take place, and the supporters are eagerly waiting for today’s results. If the supporters of mining win, the innovators can make a cold climate, and cheap electricity. However, a defeat can mean higher charges levy on the blockchain industries. Hence pushing away future investors. 

A voice in the Montreal cryptocurrency scene tweets in June “The Québec Bitcoin Eldorado is dead.”  Meanwhile, you will hear more from us, as soon as the elections come to an end.

Here is some relevant article coverage for you, in case if you might have skipped:

  1. Comparison of Gold Mining, Bitcoin Mining With Cost and Energy consumption
  2. Bitcoin Mining Firm to Construct 36 Megawatt Wind Farm in Morocco
  3. World’s First Bitcoin Mining TV Set from Canaan Creative (AvalonMiner Inside)
  4. New York Firm to Set Up a Bitcoin Mining Farm Powered By Hydroelectric Dam

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Image Courtesy- Net DNA, Value walk

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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