By Energy regulator of Quebec in Canada, the Régie de l’énergie recently release new rules for crypto miners. The announcement was made by Hydro-Quebec a major Canadian electricity provider on April 29th.
The Régie de l’énergie has ordered Hydro-Quebec to allocate 300 megawatts (MW) to the blockchain and cryptocurrency industry under the new regulations.
The announcement stated:
“This 300 MW will be in addition to the 158 MW already granted to existing customers approved by Hydro-Quebec, and to the 210 MW granted to existing customers approved by municipal distributors.”
For any blockchain or cryptocurrency company to receive a portion of the allocated power, they will need to pass a selection process. The selection process includes being graded on four criteria, including; job creation in Quebec, the total payroll of direct jobs, investment value and heat recovery. Hydro-Quebec argued in the release that these new rules will allow the organisation to protect its current low rates which it offers to customers.
Canada has often been praised for being a leading cryptocurrency nation based on its innovation, cheap energy costs, fast internet speeds and of course its agreeable regulatory regime. Back in July 2018, Hydro-Quebec revealed that the state boasts an energy supply equaling 100 terawatt hours over a ten year period with the power company offering some of the cheapest power rates in greater North America.
Back in June 2018, Hydro-Quebec proposed a new set of rules. Under these new rules, blockchain and crypto companies would be under the requirement to bid for power as well as quantify the jobs and investment they would expect to generate per megawatt of power.
As reported by Coinbeat, recently the Ontario town of Innisfil announced that its running a pilot program which will allow residents to pay their property taxes by using Bitcoin (BTC) with possible additions of other cryptocurrencies including Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and Ripple (XRP) coming at a later date.
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