Newfoundland and Labrador Ration Power to Cryptocurrency Miner Amid Growing Energy Demand

By Andrew Rankin | Published November 28, 2025

Newfoundland and Labrador join other Canadian provinces. They now limit power to cryptocurrency mining. This choice comes from mining’s high energy use. Utilities and governments in Canada now cut back on crypto power to save electricity.

Rising Power Demands from Cryptocurrency Mining

Cryptocurrency mining runs strong computers nonstop. These computers solve math puzzles to check transactions and create new coins, mainly Bitcoin. The work needs vast power. It also strains local grids.

A Cambridge Digital Mining Industry Report (April 2025) shows Bitcoin mining uses about 138 terawatt-hours (TWh) per year. That is close to Ontario’s total use of 139.4 TWh last year.

Newfoundland and Labrador Hydro Limits Supply to Blockchain Labrador Corp.

Blockchain Labrador Corporation asked for 20 megawatts (MW) of steady power. They wanted to use the cool climate and low energy prices. Newfoundland and Labrador Hydro, the local utility, said no. They had little extra power available. In 2022, a government rule had freed the utility from giving power to new crypto miners.

Blockchain Labrador took the case to court. They said the process was unfair and the laws were misread. The court found no fault. The company also did not get special treatment for long-time customers.

A Nationwide Movement Against Energy-Intensive Crypto Operations

Newfoundland’s choice is not alone. Other provinces act too:

• New Brunswick: In 2023, a law stopped New Brunswick Power from serving new crypto miners. Old license holders stay insured.

• British Columbia: BC Hydro now bans new crypto mining projects. They say mining uses too much electricity and does little for the economy.

• Manitoba: The province pauses new power links for crypto mining until April 30, 2026. – Quebec: Quebec does not ban mining. They set higher rates and limit energy to crypto users.

Other regions like Norway, Russia, and Ethiopia also limit crypto power. Governments want to balance growth and energy care.

Energy Experts Highlight Structural Pricing and Future Challenges

Pierre-Olivier Pineau led Energy Sector Management at HEC Montréal. He sees these limits lasting. New tech needs more power, for example, artificial intelligence.

"We face many new, heavy energy uses," Pineau said. "We cannot let high power use disrupt the grid." He added that power prices do not show true costs. When new power is needed, utilities pay more and must choose wisely.

Looking Ahead

Cryptocurrency mining keeps needing large power. As demand grows, places like Newfoundland and Labrador must choose well. Their limits now steer scarce energy to vital uses. This move helps balance economic gain and sustainable power use.

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Geopolitics and Private Credit Risks Take Center Stage as Canada’s Big Six Banks Prepare to Report Earnings

Canada’s largest banks report Q4 earnings next week. Market watchers note two risks: trade tensions and weak private credit. Even with strong past performance, experts stay cautious.

Earnings Outlook Amid Economic and Trade Concerns

The Big Six banks led Canada’s finance. They posted strong results three months ago. Their leaders now show careful hope for the future. They worry about CUSMA talks. CUSMA once kept U.S. tariffs low.

RBC CEO Dave McKay felt optimistic earlier. He stated that if goods match CUSMA rules, Canada keeps low tariffs and stays strong. New events now cast doubt.

In October, former President Trump delayed trade talks with Canada. He opposed an Ontario ad against tariffs. Though extra tariffs on Canadian exports were threatened, they have not come. Both sides now face a stall, while Prime Minister Carney plans talks with Trump.

Analyst Perspectives: Conservative Tone Expected

Analysts expect a cautious tone. CIBC analyst Paul Holden predicted quiet commentary during earnings. He links this to trade worries and a slow economy.

Matthew Lee from Canaccord added that if trade improves and CUSMA extends, banks might lower large reserves set for loan losses. Yet, banks now hold strong buffers as a safeguard.

Earnings Projections Amid Valuation Concerns

Looking ahead, banks may earn more per share in Q4 2025 than a year ago, though slightly less than Q3. They lean on capital markets, wealth management, and steady credit.

Jefferies analyst John Aiken warns that stocks might be fully valued. He fears earnings misses can force prices down. In a slow economy, the chance for quick gains is low.

Private Credit Risks Draw Scrutiny

Investors also eye private credit. Some U.S. banks took heavy charges from loan fraud. They faced losses with borrowers in troubled commercial mortgage funds. Zions Bancorp in Salt Lake City recorded a US$50-million loss, and Phoenix-based Western Alliance Bancorp had similar issues.

RBC analyst Darko Mihelic urges more clarity on private credit. Banks’ loss buffers are stable now, but more scrutiny may come if problems rise.

Conclusion

Canada’s finance leaders now share their quarterly results. Investors will watch how trade tensions and credit risks affect banks. The banks show strength, yet trade and credit issues call for careful optimism moving forward.

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Inside Fairfax Financial’s Even Bigger ‘Big Short’: How Prem Watsa’s Team Anticipated the Financial Crisis and Netted Billions

By David Thomas, Special to Financial Post
Published November 21, 2025

In early 2007, Fairfax Financial took a crucial step. CEO Prem Watsa led the company. He gathered a small, expert committee around one table. They met to review the best investment ideas. Watsa asked, “What’s the best idea we’ve got?”

Brian Bradstreet, Fairfax’s bond expert, showed doubt. He knew the company held a risky bet. They were shorting the growing mortgage securities bubble. This move cost nearly $250 million on paper. Still, the trade acted as an insurance policy for Fairfax’s capital. It promised a large gain if the market fell as predicted.

Brian’s worry was clear. Many companies would cancel a trade like this after such losses. Yet Fairfax had a history of early, contrarian moves. Their approach favored discipline and patience.

A History of Contrarian Calls

Fairfax has a long record of bold bets. In the 1980s, they left Japan’s inflated stock market before the crash. They missed some gains when the market soared but avoided deeper trouble. In the late 1990s and early 2000s, the firm lost money by betting against tech stocks. When the bubble burst later, Fairfax earned large rewards. This pattern of pain for future gain was repeating as the financial crisis neared.

The Psychological Toll of Waiting

Investing in a bubble is hard. First, you spot a problem. Next, you place a bet. Then, you wait. Fairfax watched its position shrink as losses grew each quarter. Doubts crept in. They wondered, “How long should we hold on?” and “When should we give up?”

Even famous investors have struggled. Julian Robertson closed Tiger Management during the tech bubble after two years of failed shorting. Laurence Tisch of Loews Corporation quit after losing $2.5 billion trying to short the same bubble—just months before it burst.

Doubling Down on the Big Short

During tense meetings, Francis Chou broke the silence. He said, “Buy more credit default insurance.” With clear conviction, the team bought extra protection. They had already spent $341 million. By mid-2007, they faced $211 million in paper losses. The timing was uncertain, yet they believed the financial bubble would burst.

By the summer of 2007, their forecast began to hold true. The mortgage crisis surged and turned into a full financial meltdown by fall 2008. Watsa described it as a “1-in-50 or 1-in-100 year storm.” While most investors ran for safety, Fairfax’s contrarian bet paid off. It turned into a multibillion-dollar windfall.

A Safe Harbour Amidst the Financial Storm

In letters to shareholders, Watsa noted how many risks erupted at once. He also mentioned that few investments could still call themselves safe. Thanks to clear foresight and firm commitment, Fairfax not only survived the crisis but prospered while others struggled. This episode underlines Fairfax’s investing style: clear analysis, the courage to defy market trends, and the patience to see plans through long uncertainty. Although many lost in the 2007 crisis, Fairfax Financial’s Big Short stands as a powerful investment story. It shows the rewards that come when one dares to think differently and withstand short-term pain for long-term gain.

About the Author:
David Thomas is a contributing writer who focuses on finance and investment stories. This article is adapted from The Fairfax Way, which details Fairfax Financial’s investment philosophy and history.

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Scotiabank Announces Executive Shuffle, Moves Chief Risk Officer Phil Thomas to New Role

By Naimul Karim, Financial Post | November 18, 2025

Scotiabank reshuffles its senior team. It names Phil Thomas as Chief Strategy and Operating Officer. Thomas was the Chief Risk Officer. He starts his new role in December. The bank makes this change to build strong leaders during its shift in structure.

Leadership Transition

Phil Thomas led risk management when challenges arose. He steered the bank during COVID-19 and trade issues. Now, he takes on strategy and operations. CEO Scott Thomson praises him for lifting risk management when change was rapid. His work built trust in the bank’s risk stance.

Shannon McGinnis takes over as Chief Risk Officer. She served as Deputy Chief Risk Officer. Before joining Scotiabank in 2024, she gained 30 years of risk experience at another bank.

Anique Asher shifts roles next. She was Chief Strategy and Operating Officer for 18 months. Now, she becomes Executive Vice-President of Real Estate Secured Lending. The bank names Tracy Gomes as Chief Risk Officer for Canadian Banking, Global Wealth Management, and Credit Risk. It also appoints Meigan Terry as Chief Global Corporate and Public Affairs Officer.

Context: Transformation and Workforce Changes

The bank made cuts in its Canadian operations recently. Aris Bogdaneris, Head of Canadian Business, sent a memo about the hard choices ahead. He noted that the bank must cut tasks that waste time and add little value. He said goodbye to valued colleagues with respect.

Looking Forward

Scott Thomson says these changes build talent and strengthen leadership. He adds that they help drive steady, healthy growth. The refresh of roles prepares the bank to face global trade shifts and other risks. Phil Thomas now also eyes threats like U.S. tariffs on Canadian goods.

About Scotiabank

The Bank of Nova Scotia, known as Scotiabank, stands as one of Canada’s largest banks. It offers services in personal and commercial banking, wealth management, and corporate and investment banking.

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Why Canadians Shouldn’t Envy American 50-Year Mortgages

We see discussions in the U.S. about mortgages that last 50 years. People mention long terms and low monthly payments. Experts warn that long terms come with high costs.

The American Proposal: 50-Year Fixed-Rate Mortgages

U.S. President Donald Trump raised the idea of 50-year fixed-rate mortgages. He links long terms with lower monthly payments. He hopes that stretching payments over 50 years will ease home buying. This plan stands apart from Canada’s way of doing things. Canadian borrowers choose short-term rates. They often pick five-year commitments even when the total payment schedule runs for 25 to 30 years. In Canada, borrowers do not lock rates for decades. They face many rate renewals as market conditions change.

The Canadian Experience: Shorter Terms, Recurring Renewal Shock

Today, 1.8 million Canadian homeowners get close to a mortgage renewal. Many see higher rates than they had in 2021. Economists note that higher rates limit extra spending. They add that strict lending standards help avoid mass mortgage failure.
Many Canadians choose five-year fixed terms. They feel that short terms offer safe, stable choices in risky rate times. Some pick 10-year terms, yet these do not win favor because longer terms get higher rates.

The Costs of Long-Term Stability

Locking a rate for many years seems safe. But long terms also bring high fees. Janet Gao, from Georgetown University, explains that low fixed rates often cost large fees at the start. She adds that 30- and 50-year mortgages in the U.S. have higher rates than Canadian five-year fixed ones.
Borrowers risk steep penalties if they break a long-term mortgage early. Divorce or sudden changes may force a borrower to pay hard fees on the remaining years. Shawn Stillman, CPA and mortgage broker, says that Canadian banks prefer shorter terms. He links this to Canadian banks using five-year bonds. The banks also must manage higher risk in long terms.

Not a "Free Lunch"

Longer terms bring relief in monthly payments. Yet they do not trim the total cost of borrowing. Gao tells us, "It’s not a free lunch." U.S. banks build ways to handle long-term risks. Borrowers may miss the fact that total interest over 50 years is much higher. Upfront fees add to a long mortgage’s overall cost.

Conclusion

The idea of a 50-year mortgage may seem like a fix for housing costs in the U.S. However, Canadians must study the risks and costs before wishing for the same product. Extended rate security also means higher rates, more fees, and costly penalties.
For now, Canadian short and frequent mortgage terms offer flexibility even with some uncertainty. Homeowners and buyers must check their money matters carefully. They should not assume that a longer mortgage makes housing easier or cheaper.

This article is based on insights from Garry Marr’s report in the Financial Post. It shows key differences between Canadian and U.S. mortgage views and explains why Canadians might not gain from longer mortgage terms.

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