A new Quebec company for Bitmain

By pushing a new pawn on the entrepreneurial chessboard of Quebec, the Chinese giant Bitcoin is fueling all kinds of speculation about an ambitious mining project in the province. He should bring a copyright, chance; he would make pennies with all these coincidences, had once slept with pertinent irony in the columns of Duty our colleague Jean Dion. The chronicler had thus perfectly sketched this feeling that you may feel when you see appearing in the register of Quebec companies this brand new entity. Declaring nothing about its economic activities or the number of employees in Quebec and providing information only for the current administrator, the current CEO of the parent company of Beijing, Equipement Bitmain was registered on June 14th. Precisely one week after the announcement by the Quebec Minister of Energy of a moratorium on new cryptographic projects and seven days before the presentation by Hydro-Québec of a blockchain industrial selection process based essentially on a disincentive price that bidders would be willing to concede (at least $ 0.01 per KWh ). Pure coincidence of the calendar? Fortuitous discoveries. Even if the Chinese manufacturer of the inevitable range of “digital token machines” Antminer was entitled to a privileged meeting with Hydro-Quebec and that the conditions of supply of energy discussed for the moment seem tailor-made for a player of the stature of Bitmain , they would be fortuitous discoveries. Another happy coincidence, the address of the home indicated for this Quebec division of Bitmain looks like the one of a law firm well known for “its close links with government institutions and industry leaders”. The world being small, it turns out that lawyers represent at least one other company specializing in cryptocurrencies. Company whose management is “good home” this time. Contacted by us, taking care not to contravene the confidentiality of customers, said firm was not able to invoke the error. Then, suddenly, scalded by the turn of the events in the country, the crypto community of Quebec was again crossed by speculations, with Bitmain in the role of the energy ogre. According to concordant sources, Hydro-Québec, the Couillard government and a third-party group would have entered into a pre-agreement for the installation of new infrastructures related to the blockchain. Recently, there was talk of a project totaling 200 MW or the equivalent of 120,000 ASICS, assistant of a logistics center for the maintenance of equipment but also a partnership in R & D in Montreal in artificial intelligence. No favoritism, ensures Hydro-Québec “No agreement has been reached or is even being looked at. The proposals received in the past are not being dealt with at present, under the moratorium decreed by the government, “said Jonathan Côté, spokesman for Hydro-Québec dedicated to the boosted record of mining cryptocurrencies. Existing players in this industry in Quebec, which currently represent approximately 120 MW in total, can continue their operations at existing rates during the Régie process, which will provide the final framework. “We can not disclose details about each proposal because information about individual or company requests is confidential. We can not provide information about a potential customer or customer, nor can we disclose information about your personal electricity account, “says Hydro-Québec’s strategic advisor. The selection process introduced by the electricity generator is intended to require all interested parties to submit bids for objective evaluation. “Under what we are proposing, no company would be able to avoid the process and should submit its proposal with the desired criteria, no matter what proposals they may have made in the past. There is no question of reserving a block for anyone outside the selection process, “says Jonathan Côté. As Hydro-Québec’s community manager put it in a particularly graphic manner, the energy company wants to know how much foreign mining groups are willing to pay for its ” lemonade ” . The price will be very high only if the neighbors make very high offers.” Just for Canadian customers in Bitmain? At the time of writing, it happens that – by yet another chance – the Régie de l’énergie has published a redacted version of the breakdown of crypto projects taken into account by Hydro-Québec. Of the 311 applications received, which total more than 18,000 MW on paper, some particularly large, from 100 to 300 MW, are already undergoing feed processing. Most importantly, Hydro-Québec has recorded several major projects, including one requiring 2,000 MW! That would represent half of the current world consumption of the Bitcoin network, according to the recent estimates of the founder of the Quebec company D-Central Technologies . These gigafermes cryptos projects presented to Hydro-Québec benefited from a particularly detailed financial plan in the intentions of the customers, with structure of financing, increase in charge, site targeted, availability of the equipments. All likely to judge the seriousness of the proposal. Difficult to see behind these huge yards of other players than Bitmain et al. On the side of the Chinese mining giant, however, we temper all this speculative climate. “The new company registered in Quebec is actually a sales office. It will only be used to provide better services to Bitmain’s customers in Canada, “explained Nishant Sharma, the company’s international public relations manager. “It has nothing to do with Bitmain’s mining projects,” he said. Let’s admit that in this story coincidences slip like pearls on a necklace. But to learn valuable lessons is still hazardous, right?


Written by DCentralTech

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