The Toronto-headquartered Bitcoin miner issued a release Friday clarifying that its power agreements remain in place. A proposal by the public utility not to allocate a planned additional 270 megawatts to the blockchain industry in an effort to address an anticipated uptick in electricity demand will not affect Bitfarms’ existing operations in the province, the company said. (The Logic)
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The Toronto-headquartered Bitcoin miner issued a release Friday clarifying that its power agreements remain in place. A proposal by the public utility not to allocate a planned additional 270 megawatts to the blockchain industry in an effort to address an anticipated uptick in electricity demand will not affect Bitfarms’ existing operations in the province, the company said. (The Logic)
Talking point: Bitfarms is responding to confusion prompted by articles in the crypto press about the Hydro-Québec proposal. In an interview with The Logic, Paul Magrath, Bitfarms’ vice president of tax, said the utility does not plan to stop providing electricity to the sector altogether. “It has no impact on our ability to operate as we currently do in Quebec and on our current plans,” Magrath said. There has been tension between Quebec and the crypto mining industry for years, with the province issuing a moratorium on new projects in 2018.
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