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Government International Mining News

Quebec Energy Regulator Releases New Rules Targeting Crypto Mining

Quebec’s energy regulator, Régie de l’énergie, recently released new guidelines for crypto miners. The announcement was made on April 29 by Hydro-Quebec, one of Canada’s major electric providers.

300 Megawatts for Miners

Based on the new rules, the Régie de l’énergie mandated that Hydro-Quebec secure 300 megawatts (MW) to the blockchain industry. This is on top of the existing 158 MW the company has already allocated to its approved customers, and the 210 MW given to customers that received approval from municipal distributors.

To receive the extra allocations, companies have to qualify through a selection process. They will be graded on four main criteria – job creation in Quebec, payroll of direct jobs, investment value, and heat recovery.

Hydro-Quebec also added that the new legislation will give them the chance to safeguard the low rates it’s already offering customers.

Blockchain in Canada

Canada is one of the countries leading the cryptocurrency evolution due to the innovations made, its high speed internet, low energy cost, and positive regulatory system. It was revealed the previous year that Quebec actually had an energy surplus amounting to 100 terawatt hours for over 10 years. The region also offers the lowest energy rates in North America.

There were several new rules proposed last year for the blockchain industry. Hydro-Quebec pushed for requiring blockchain-based companies to bid for electricity and quantify the investment and jobs they estimated to create per megawatt.

Another Canadian province is also embracing the crypto bandwagon. Innisfil in Ontario is currently testing a pilot program that will allow residents to pay property taxes using bitcoin (BTC), with the possibility of ethereum (ETH), bitcoin cash (BCH), and litecoin (LTC) being added later on.

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