Industry Committee on Oct. 27th, 2022

[The Chair, Liberal, Joël Lightbound]

Thank you. From my perspective, that's definitely part of the appeal to millennials, who face a harder time gaining access to property. I see the attraction. In fact, I think the statistics are clear that among millennials, the adoption is growing.

The last question I have goes back to the topic of Monsieur Lemire on energy.

For example, we produce hydroelectricity in Quebec. Since it's hard to store hydroelectricity, production is determined on the basis of peak demand.

Do you know of any examples where energy generated and lost is used to mine cryptocurrencies?

[Pascal St-Jean]

There are some involving gas, the energy that comes from burning and isn't resold. There are a number of ways.

What is energy? It can be stored in a battery and can also take the form of money or value. There are examples where people wonder if they can take unused or waste energy to create value and then potentially reuse that value to purchase more energy or to use it for something else. Energy generally has a value, which helps in purchasing something else or creating things and so on.

So we use cryptocurrency, other proofs of work or other blockchains to reuse the energy that would normally be wasted to create value. Then we reuse that value in the economy. That creates considerable potential for the economy and the government. We can see that certain governments are involved in mining to create value using energy for the benefit of their citizens.

[The Chair, Liberal, Joël Lightbound]

That energy would otherwise be lost.

[Pascal St-Jean]

Yes, absolutely.

[The Chair, Liberal, Joël Lightbound]

Thank you very much, Mr. St-Jean.

Thanks to you as well, Mr. Masse, for so graciously offering me your speaking time. I was as generous with my time with you as I was with myself.

I see that Mr. Généreux would perhaps like to ask a final question.

[Bernard Généreux, Conservative, Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC]

Talking about being "généreux", you're talking about me today. That's nice.

I'd like to suggest to the committee that, if possible, we take an exploratory trip to a blockchain farm. I don't know whether there is one in Ottawa, Montreal, Quebec City or Toronto. That would help the committee get a clear idea of how those farms work.

That's what I'm proposing to the committee.

[The Chair, Liberal, Joël Lightbound]

I'll take note of that. Perhaps we could discuss it in camera.

We will now go in camera to conduct committee business, but, first, we will allow our witnesses, who have been very generous with their time, to leave.

I'd like to thank you all very much. Thank you for starting this study with the industry committee. I wish you a good evening.

Again, many thanks.

This meeting is suspended.

[Proceedings continue in camera]