Quebec update part 2 – Crypto-ooh la la

02/22/2018

There’s so much happening in Quebec in the areas we cover I thought it best to cover each one distinctly (no pun intended). This piece is a look at the latest in Crypto news  and will include my patented short summary and translation of the juicier bits.

Crypto – Star Trek or Cyberpunk?

That’s the title I would have used for this Radio-Canada piece entitled ‘Crypto, Revolution or Anarchy?’. I think mine has the pop-culture hook that’ll really suck the kids in with their rock n’ roll and their flannel.

This is actually a really good one. Gerald Fillion has another ‘here’s how bitcoin and blockchain’ works with a nice dry technical tone. What is cool about this one in my view is how he gets into some of the potential real world issues around virtual currency. (translation mine)

“Multiple countries are trying to curtail the advantages of cryptocurrencies. South Korea has warned virtual currency transactions could be prohibited. China could ban bitcoin mining due to the enormous electricity costs involved.

Venezuela is threatening to imprison bitcoin mines…”

I’m glad this point is coming up in the media more and more. Too many people seem to have this impression that bitcoin is going to be some perfect system outside the reach of governments blah blah blah… sorry pal. You live somewhere, and they make bitcoin illegal, it’s gonna impact you.

His last note is on the current rush to start mining companies up in Quebec thanks to a cheap and plentiful source of electricity. Mark that down, there’s a test later.

Hi-ho, hi-ho, here’s my form 423/b filled out in triplicate

In the Journal de Quebec, Charles LeCavalier has a piece entitled “Cryptocurrency Miners stuck in Government Mire”.  This one starts off with a government quote right away, so you know they’re about to get roasted. From Natural Resources Minister Pierre Moreau (translation mine)

“Bitcoin companies are really envigorated, want to set up shop in quebec. We have to make sure we keep control on the growth of this kind of company so we avoid an issue where Hydro-Quebec’s production capacity isn’t challenged.”

Basically the upshot is miners could be facing special electricity tax because they’ll come in like a plague of locusts and hoover up all the spare electricity you got and any more lying around not nailed down.

(he’s not wrong.)

A Hydro Quebec official says they estimate miners could use up to 5 TWh of energy within 4 years. By contrast the new hydroelectric installation in Romaine will produce 8 TWh when complete.

So they leave it up to you to decide if this is a cash grab by government of if a prudent limiting of a potential grid-killer.

Did you remember to study?

The last story is easy. Remember the bit about cheap electric? Well pal, I got an story on Coindesk for ya. It’s even in English.

Good reading on all this nutty crypto miner-palooze underway in Quebec.

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