Bitfarms reacts to 270 megawatts of clouds reserved for the blockchain

Bitfarms on Friday responded to a tweet by Energy Minister Pierre Fitzgibbon, who may consider withdrawing 270 megawatts earmarked for blockchain projects.

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Crypto miner Bitfarms advised Friday that its power agreements with Hydro-Quebec remain in place and expects “current and future Bitcoin production to continue uninterrupted for the foreseeable future.”

According to Bitfarms, “misinformation has been disseminated,” which is said to have led to the rapid spread of misinformation across media and social networks.

On Thursday, the new Minister of Economy, Innovation and Energy, responsible for Hydro-Québec, Pierre Fitzgibbon, posted a surprising message on Twitter: “Due to the strong demand for energy, the government has requested by decree to the Régie de l’énergie to consider withdrawing 270 megawatts earmarked for blockchain projects. What We remain open to projects that will have greater benefits.”

This is a complete reversal of the strategy by François Legault’s government, which recalls broadly Quebec’s interest in not continuing to meet all of its energy needs in the short and medium term.

Less than two hours later, Hydro-Québec published a press release announcing the introduction of the new supply plan, significantly increasing its electricity needs.

The state-owned company expects electricity demand in Quebec to grow by 25 terawatt-hours (TWh), or 14%, over the 2022-2032 period, due in particular to the energy transition. That’s 5 TWh, or 25% more than Hydro-Quebec predicted last year.

Bitfarms notes that the company has invested more than $350 million in Quebec since its inception and currently employs more than 100 employees.

– In collaboration with David Descôteaux and Martin Jolicoeur