Hydro Quebec May Sell 500 MW to Miners

New  plan may allow lifting the moratorium on issuing permits for cryptocurrency mining
25 June 2018   885

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

Bitmain's Q3 Losses to Reach $500M

Bitmain still hopes to conduct an IPO at Hong Kong Stock Exchange
19 February 2019   99

The Chinese mining company Bitmain lost $ 500 million in the third quarter of 2018 amid a decline in the cryptocurrency market, CoinDesk reports, citing updated financial reporting provided by the Hong Kong Stock Exchange (HKEX) for its initial public offering (IPO) on its site.

In the first nine months of last year, Bitmain earned about $ 500 million, with a total amount of revenues of $ 3 billion, a source familiar with the situation said. Earlier, Bitmain stated that its profit for the first half of 2018 was $ 1 billion. As reported, subtracting that from a $500 million profit for the first nine months leaves it with a net loss of roughly $500 million for the third quarter.

In the past, Bitmain also reported that its income for the first half of the year was $ 2.8 billion. Thus, taking into account the total amount of revenues for nine months, only about $ 200 million remains for the third quarter.

The updated statements also contain information about Bitmain's cryptocurrency possessions - they depreciated from more than $ 800 million on June 30 to less than $ 700 million at the end of the third quarter. The fall of more than $ 100 million coincided with a general decline in the cryptocurrency market.

The application for IPO, issued by Bitmain at the end of September, contained information that the company held mainly Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash. The ratio of assets in its portfolio is unknown. According to CoinMarketCap, the rates for these cryptocurrencies fell by more than 50%, and Bitcoin Cash lost over 70% of the cost.

The documents will be presented to the general public only if the Bitmain application is approved to the meeting regarding the listing of the company's shares, which may not take place, given HKEX’s doubts about the viability of mining companies.