Under New Rules Quebec Crypto Miners Will Be Required to Bid for Electricity

Hydro-Quebec, the provincial utility has proposed new principles, under which they hope to produce per megawatt, Hydro-Quebec declared in a public statement June 21.

The new administration looks to allot up to 500 megawatts, notwithstanding 120 megawatts of existing activities. The beginning rate is supposedly 1 Canadian penny ($0.0075) per kilowatt hour, which is 20 percent over the industry standard cost. The new arrangement is liable to endorsement by Regie de l’energie, a local energy regulator. Hydro-Quebec commented on the new proposition:

“The goal of this process is to both maximize economic spinoffs for Quebec and revenue for Hydro-Quebec – in turn, pushing electricity rates down for customers.”

The most recent advancement takes after a progression of changes in the Quebec government and power provider’s arrangement towards cryptocurrency mining. In March, the government said it is “not interested” in giving reasonable power to crypto miners without anything consequently. Chief Philippe Couillard stated:

“There needs to be added value for our society; just having servers to do transaction mining and acquire new bitcoins, I don’t see the added value.”

In May, the government of Quebec reported it would lift the ban on the offer of capacity to crypto miners keeping in mind to “avoid missing the ship” on digital currency. Pierre Moreau, The Minister of Energy, would present a declaration on the regulation of electrical power deal to crypto miners, who require gigantic measures of electricity for their activities. The declaration would supposedly set distinctive rates for digital currency miners and permit energy organizations to practice forced offloading.

Hydro-Quebec, which works around 60 hydroelectric generating stations, with a surplus limit of approximately 13 TWh, got requests to buy power from about 100 organizations with a total energy utilization surpassing 10 TWh. In June, the organization briefly prevented handling demands from crypto miners to satisfy its commitments to supply energy to the whole territory.


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