Hydro-Quebec seeks to cut power to blockchain miners

Miners in Quebec may soon be looking off-grid for power solutions.

Public utility provider Hydro-Quebec cited increased electricity demands over the next decade as it filed a request with the region’s electricity transmission and distribution regulator, Regie de l’energie, to suspend services for the blockchain industry.

The request came as a part of the provider’s Electricity Supply Plan 2023–2032, a report that said its electricity demand is expected to see an uptick of 14% over the next 10 years. Around 270 MW reserved for mining operations would “increase pressure on current balances,” Hydro-Quebec said.

It is unclear if Regie de l’energie will opt to grant the request.

Regie de l’energie did not immediately respond to The Block’s request for comment.

Blockchain mining organizations faced challenges over the last year, with a significant downturn in bitcoin mining revenue, data from The Block Research show.

As the market conditions persist, bitcoin mining operator Iris Energy faces a likely default as soon as Nov. 8.

North American bitcoin miner Argo also had its share of struggles, failing to close a £24 million ($27 million) subscription deal, the announcement of which prompted the company's stock price to fall by 50%.

Similar woes emerged for bitcoin miner Core Scientific after the company revealed that it may run out of capital by year's end and is considering bankruptcy.