Canadian Regulator Introduces New Rules for Crypto Mining

Régie de l’énergie, the energy regulator of the Canadian province of Quebec releases new rules for cryptocurrency miners, as announced by major Canadian electricity provider Hydro-Quebec on April 29.

The  Régie de l’énergie, under the new regulations, ordered power producer Hydro-Quebec to allocate 300 megawatts (MW) to the blockchain industry. The announcement further explains:

“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.” 

Companies must pass a selection process to receive some of the specially allocated power, wherein they will be graded on four criteria including the number of jobs created in Quebec, the total payroll of direct jobs, the value of investments and heat recovery. In the release, Hydro-Quebec states that the new rules will enable the organization to protect the low rates it offers to customers.

Recognized as a leading cryptocurrency nation, Canada has an innovative, low energy cost, high internet speed, and favorable regulatory regime. Hydro-Quebec revealed in late July of last year, that the province had an energy surplus equivalent to 100 terawatt hours over 10 years and offers some of the lowest electricity rates in North America.

Recently, the Ontario town of Innisfil, Canada, announced it is running a pilot program which will enable residents to pay property taxes with bitcoin (BTC), with possible extensions to other cryptocurrencies including ether (ETH), litecoin (LTC), bitcoin cash (BCH), and ripple (XRP) at a later date.

Read more: Australia Sees A 190% Rise In Crypto Scams With Over $4.3 Million Lost

Image Source – Unsplash.com