CEO of Canadian Utility That Proposed Banning New Power to Crypto Miners Exits


Sophie Brochu, the CEO of Hydro-Quebec – the utility firm of the province of Quebec that late final yr proposed suspending new energy provide to the blockchain business – is departing the agency on April 11, in response to a Jan. 10 assertion.

“Beneath her management, a brand new strategic plan was developed in collaboration with an excellent many inside contributors and representatives of Québec society, demonstrating her skill to deliver individuals collectively,” stated Board Chair, Jacynthe Côté within the assertion.

Hydro-Québec did not title a successor to Brochu – who joined the corporate as CEO in April 2020 – however stated the board will suggest its candidate, with the final word appointment to return from the Québec Cupboard.

Final yr, the utility agency proposed to Canada’s vitality regulator to droop the allocation of latest 270 megawatts (MW) energy provide, already deliberate for the blockchain business. The proposal did not explicitly point out which a part of that business was being focused, however the Canadian province has been an excellent place for crypto miners to arrange resulting from its ample sources of fresh, renewable vitality.

Learn extra: Why Crypto Miners Are Increasing Past Quebec

Miners who’ve their operations within the province equivalent to Argo Blockchain (ARBK) and Bitfarms (BITF) clarified, saying that after chatting with Hydro-Québec, they confirmed their entry to energy would proceed stay in place.

Vitality is likely one of the largest value for crypto miners and the businesses thus have a tendency to construct their operations en masse within the areas providing cheaper sources of electrical energy equivalent to Texas and Quebec. Nonetheless, their huge energy consumption has sparked a continued world debate amongst policymakers, with some arguing it places great pressure on native energy grid, adversely impacting different shoppers. In the meantime, supporters of crypto miners say their operations assist take in extra vitality from the grid and incentivize extra renewable sources of energy.

Learn extra: 2023 Will Be the Demise of Bitcoin Vitality FUD

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