Laval, Quebec, Canada, September 3, 2022, Canada ranks sixth among major energy producers in the world and is uniquely positioned to benefit from crypto miners. Eventually, Hydro-Québec will return an additional block of 300 MW to be made available to Bitcoin miners. After a nearly four-year moratorium and questionable operating conditions, the industry is finally leafing through an old file.
“Today is not like 2017 or 2018, where the questions were still being asked. Bitcoin is here to stay, grow and take our financial independence to new levels. We hold all of our financial information in the hands of the big corporations. Things are changing today, and Quebec can still lead the world in this regard. A significant direct and tertiary economy needs to be developed around Bitcoin and mining,” explains Jonathan Bertrand, CEO of D-Central.
Bitcoin is a censorship-resistant store of value. For this reason, it is valuable for citizens of countries trapped in heavily government-devalued fiat currencies, such as Venezuela, Argentina, Nigeria or Zimbabwe. Many of the same tools can help the world’s poor as well as the average Canadian. For example, Canadians still pay exorbitant bank fees for basic transactions in Canada. Bitcoin is also censorship-resistant in the sense that the network is consensus-based. With that in mind, if Bitcoin achieves its goal of being a global haven, it is essentially a matter of national defense for the nations where the hashrate is distributed.
“In 100 years, such moments will be taken for granted by us. On the other hand, I believe many people today still wonder about the relevance of Bitcoin and the relevance of devoting significant energy to it. However, we must not get caught up in the popular bitcoin fright boat that is boiling our oceans. Even valued at billions of dollars for each bitcoin, it is unlikely to consume more than 0.5% of the world’s energy. Focus instead on eliminating the environmental impact of electricity…