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Bitcoin, Blockchain, and the Energy Sector worth of project proposals) for electricity and in March 2018 ceased processing requests until guidelines are developed.75 In response to concerns with the sharp increase in electricity demand, Hydro-Quebec commissioned a study on the economic benefits of cryptocurrency mining. In May 2018, the study estimated that direct job creation for cryptocurrency mining ranges from 1.2 jobs per MW of a 20 MW operation to 0.4 jobs per MW for a 250 MW operation.76 Data centers, by comparison, can create between 5 and 25 jobs per MW.77 By June 2018, Hydro-Quebec announced it would triple the price it originally offered to new applicants for cryptocurrency mining operations (although the utility indicated this is a temporary adjustment until a final determination is made).78 Meanwhile towns across the Quebec Province have placed moratoriums on new mining operations citing energy demand, size, and noise concerns.79 Georgia Georgia has positioned itself as an attractive location for Bitcoin mining operations. In Georgia, mining company Bitfury’s electricity rates reportedly range from around $0.05/kWh to $0.06/kWh.80 Georgia’s low price of electricity can be attributed to large hydropower resources.81 In 2016, hydropower accounted for 81% of the total electricity generated.82 The low cost of electricity, plus a favorable regulatory environment, makes Georgia a favorable location for Bitcoin mining operations.83 In 2015, the government of Georgia offered Bitfury a $10 million dollar loan to mine in Georgia. The government expanded a power plant to provide electricity to Bitfury’s cryptocurrency mining facility at no additional cost. Local Bitcoin miners, however, are having a difficult time 75 Samuel Haig, “Hydro-Quebec Turns Down New Applications for Crypto Mining Operations,” Bitcoin.com, March 25, 2018, https://news.bitcoin.com/hydro-quebec-turns-down-new-applications-crypto-mining-operations/. 76 Hydro-Quebec, “Cryptocurrency Mines: Limited Economic Impact,” Hydro-Quebec News, May 22, 2018, http://news.hydroquebec.com/en/news/204/cryptocurrency-mines-limited-economic-impact/. 77 Hydro-Quebec, “Cryptocurrency Mines: Limited Economic Impact,” Hydro-Quebec News, May 22, 2018, http://news.hydroquebec.com/en/news/204/cryptocurrency-mines-limited-economic-impact/. 78 Bethany Lindsay, “BC Hydro Puts out Welcome Mat for Bitcoin Miners, but Experts Urge Caution,” CBC News, December 3, 2018, https://www.cbc.ca/news/canada/british-columbia/bc-hydro-puts-out-welcome-mat-for-bitcoin- miners-but-experts-urge-caution-1.4928323. 79 Bethany Lindsay, “BC Hydro Puts out Welcome Mat for Bitcoin Miners, but Experts Urge Caution,” CBC News, December 3, 2018, https://www.cbc.ca/news/canada/british-columbia/bc-hydro-puts-out-welcome-mat-for-bitcoin- miners-but-experts-urge-caution-1.4928323. 80 Liz Alderman, “Despite Bitcoin’s Dive, a Former Soviet Republic Is Still Betting Big on It,” New York Times, January 22, 2019, https://www.nytimes.com/2019/01/22/business/georgia-bitcoin-blockchain-bitfury.html. 81 For more on Georgia and U.S. Policy, see CRS Report R45307, Georgia: Background and U.S. Policy, by Cory Welt. 82 In Georgia, hydropower generation produced 9,329 gigawatt hours of electricity in 2016. Total electricity generated in Georgia during the same period was 11,574 gigawatt hours. See, International Energy Agency, Statistics Data Browser, online database, available at https://www.iea.org/statistics/?country=GEORGIA&year=2016&category= Electricity&indicator=ElecGenByFuel&mode=chart&dataTable=ELECTRICITYANDHEAT. 83 Andrew North, “How the Tiny Nation of Georgia Became a Bitcoin Behemoth,” NPR, April 23, 2018, https://www.npr.org/sections/parallels/2018/04/23/597780405/how-the-tiny-nation-of-georgia-became-a-bitcoin- behemoth. Congressional Research Service 15PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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