Hydro Quebec May Sell 500 MW to Miners

New  plan may allow lifting the moratorium on issuing permits for cryptocurrency mining
25 June 2018   1298

The state-owned energy company Hydro Quebec has submitted a plan to the authorities of the Canadian province of Quebec, which will determine the procedure for operatng with local miners. This is reported by CoinDesk.

In particular, the plan will allow lifting the moratorium on issuing permits for cryptocurrency mining, created in connection with the "unprecedented" level of demand for electricity in the province.

If the plan is approved, the amount of energy that crypto minners can use within a year will be limited. According to the authorities, this will free up energy resources for other clients of the company. In total, according to the plan, the miners will receive 500 mW of electricity per month.

Hydro Quebec will select miners who will be permitted to work in the province, assessing their ability to create new jobs and contribute to the economy of Quebec.

The economic analysis will favor customers who will be ready to operate their facilities as quickly as possible. In addition, Hydro-Québec could request that these customers decrease their electricity use, for a maximum of 300 hours per year, to allow it to ensure the delivery of electricity to all of its customers, particularly during the winter peak period.

Hydro Quebec

Earlier information appeared that the authorities of Quebec could cancel the moratorium on issuing permits for crypto-currency mining and establish higher electricity tariffs for miners

Argo to Report on Mining Profitability Increase in Q2

It was also reported that by the end of June, company owns about £ 3 million in crypto assets, which is 7.7% higher than expected
03 July 2019   282

The British mining company Argo Blockchain published a financial report for the second quarter of 2019, according to which its revenues increased significantly in the second quarter, exceeding its own expectations.

So, in comparison with the previous report, published in early June, the income from mining Argo Blockchain increased by 24%. The increase in profitability from mining at the same time turned out to be proportional to the increase in the Bitcoin price observed during the recent period.

The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.

Argo Blockchain Team

Argo Blockchain also said that as of the end of June, the company owns about £ 3 million in cryptocurrency assets, which is 7.7% higher than expected.

Also Argo Blockchain intends to expand its activities. In particular, the company plans to deploy another 2500 miners in Quebec by the end of the third quarter, which is also expected to significantly increase revenues.

Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.

Mike Edwards

Executive chairman, Argo

It should be noted Argo Blockchain was the first cryptocurrency company, the placement of shares of which was approved by the London Stock Exchange last June.