Canadian Province Of Quebec To Have New Crypto Mining Rules

Regie de l’energie, the body responsible for regulating the energy supply in the Quebec province of Canada has recently come out with a comprehensive set of new rules to govern the actions of all crypto miners in the area. Hydro-Quebec, a key electricity providing company in Canada put out a press release to express its enthusiasm about this new development, intimating the public about it in the process.

For all electricity requirements within the blockchain and cryoto industry, a set of standsrds must be adhered to.

The press release says:

“We’re happy with this development as it will allow us to move forward with a selection process for the allocation of a 300-MW block of electricity to the blockchain industry. This 300 MW will be in addition to the 158 MW already granted to existing customers approved by Hydro-Québec, and to the 210 MW granted to existing customers approved by municipal distributors. The result is a total of 668 MW of electricity for the blockchain industry.”

For receiving a share of the specially allocated power resources, companies must undergo and qualify a due selection process. This selection process will see them being graded on the basis of four key criteria. The first of these is how many jobs are being created by that company in Quebec, the total payroll of all the direct jobs created, the value of all the investments made and the heat recovery ensured.

According to Hydro-Quebec, these new standards will ensure that the firm can continue to provide services to customers at extremely low, competitive rates.

The press release further explains on this note:

“The creation of a reserved block and the requirement to curtail electricity use during peak hours at Hydro-Québec’s request (up to a maximum of 300 hours a year) will allow us to provide power to these new customers without any negative impacts on our capacity balance. This will enable us to protect the low rates we offer our customers.”