2018-6-22 21:43 |
Quebec province has decided to raise the power tariff for cryptocurrency miners in the region. The policy will apply to all miners until the province finds an alternate solution to feed the power-hungry industry. The province has been miner-friendly in the past, but utility provider Hydro-Quebec has realized that it has more demand to furnish than it can supply.
Hydro-Quebec Stunned With DemandThe provincial utility company Hydro-Quebec will now charge 15 cents per kilowatt-hour to cryptocurrency and blockchain companies, which is three times as high as the rate they’ve been paying. This temporary price structure will not be applicable to existing clients, which consume about 120 megawatts of electricity.
The Canadian province has been a crypto-mining haven for months now. The surplus energy created from dams located nearby could be utilized effectively by crypto miners. It also has the lowest power rates in North America. Now the short-term and medium-term capacity of the company falls short of the demand. The company now wants to set specific rates for the crypto mining industry, especially as demand during winter is at its peak.
Waiting for a FrameworkHydro-Quebec spokesperson Jonathan Cote explained the rate hike:
“We don’t want to send a message to the market that this is the price for cryptocurrencies in Quebec. It’s more that requests are suspended until we have the proper framework determining conditions for that market.”
Hydro-Quebec is to file with the regulator an application proposing a selection process for the blockchain and cryptocurrency industry, to which said utility provider would allocate 500 megawatts of power. Through this selection process, it will be able to survey companies within the industry as to what may be a fair price, as well as assess the kind of jobs and investments the companies will have. No specific period for the temporary regulation has been specified yet.
Quebec Raises Power Tariff for Cryptocurrency Miners was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
Similar to Notcoin - Blum - Airdrops In 2024
Miners' Reward Token (MRT) íà Currencies.ru
|
