Baie-Comeau relies on cryptocurrency revenue

Baie-Comeau relies on cryptocurrency revenue

(Bey-Como) The city of Bay-Como is pleased with the recent decision of Régie de l’énergie, which opened the door to electricity distribution allowing for a network of cryptocurrencies to be rewarded.


The Canadian Press

Bay-Como Mayor Yves Montigny believes the municipality has been able to demonstrate to Energy and Natural Resources Minister Jonathan Julian, and to Hydro-Quebec’s president and CEO, Sophie Brochett, that she has the will and the knowledge how to welcome this type of business for Developing its economy.

Hence, Bay-Como has the green light to enter into agreements with data centers or cryptocurrency companies for an additional 30 MW block.

To illustrate what this represents for city lockers, Mayor Montigny provides an example of an already established company, GPU. ONE which, using 12.5 megawatts currently, allows Baie-Comeau to generate an annual profit of about 1 million from the sale of electricity.

Cryptocurrency is the digital currency used on the web and is independent of banking networks. Requires technology with powerful, energy-intensive computers.

During periods of high electricity demand, Hydro-Québec and municipal networks like the one in Baie-Comeau may stop distributing electricity to cryptocurrency companies, up to 300 hours a year. In the case of the GPU. One, the convention provides for a 400-hour hiatus.

To move forward with the future developers, the next step for Bay-Como will be the acquisition of the Georges Henri Ganet sub-station; Negotiations are already underway.

The Régie de l’énergie reports that, at present, 190.6 MW is allowed on the Hydro-Québec network and 250.7 MW within municipal networks for use in cryptocurrency mining purposes.

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