In a Canadian province called Quebec, local authorities have come up with new regulations regards cryptocurrency mining. Now all Quebec companies that mine cryptocurrencies will receive an additional 200MW from the national energy company Hydro-Quebec.
In order to receive this electricity, the miners will have to meet several requirements. These requirements include providing jobs for the people of Quebec and ensure the secondary use of heat, which comes from the cryptocurrency mining process. Additionally by doing so, Hydro-Quebec hopes to reduce total electricity consumption by 10% and keep low tariffs for consumers.
Moreover, in June 2018, Hydro-Quebec presented a plan to the local authorities of Quebec which allowed to call off the moratorium for licensing mining operations. It was introduced by the ‘unprecedented’ demand for electricity in the province to be abolished.
Hydro-Quebec is a public utility that manages the generation, transmission, and distribution of electricity in Quebec. The Government of Quebec formed it in 1944 from the expropriation of private firms. This was followed by massive investment in hydro-electric projects like Churchill Falls and the James Bay Project. Today, with 63 hydroelectric power stations, the combined output capacity is 36,912 megawatts. Extra power is exported from the province and Hydro-Quebec supplies 10 percent of New England’s power requirements.