Quebec To Lower Electricity Bills For Crypto Miners

Admin || MAY 6, 2019

The Canadian province’s energy regulator has on Monday 6th May released new rules that will lower electricity bills for cryptocurrency miners Bloomberg report.

The body Created blockchain as a client category of its own and ordered utility Hydro-Quebec to set aside an extra 300 megawatt for the industry, in addition to 368 megawatts already committed. Applying companies will be judged on four criteria, which include the number of jobs created, planned investments and heat recovery plans for the energy-intensive computing process that makes transactions with digital currencies possible.

Regie de l’energie also rejected a proposal by provincial utility Hydro-Quebec to have miners bid for power. Blockchain clients will continue paying one of two tariffs they’ve been offered so far, in most cases the same as large consumers such as manufacturers and data centers.

The decision ends a moratorium that had been put in place to let the province figure out how to deal with requests from the energy-hungry industry.Quebec offers the lowest power rates in North America and saw surging demand. A survey of potential clients by Hydro-Quebec indicated there’s still demand for thousands of megawatts, even after the price of Bitcoin went down last year,spokesman Jonathan Cote said in an interview.

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