• Sat, 24 Aug 2019, 09:06 PM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Canadian energy regulator announces favorable rules for crypto mining

Mon, 06 May 2019, 06:30 am UTC

The Régie de l’énergie, the energy sector regulator of Quebec, Canada, has announced new rules that will support blockchain innovation in the region.

In a press release dated April 29, Hydro-Québec, a public utility that manages the generation, transmission and distribution of electricity in Quebec, said that the regulator has allocated an additional 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,” it said.

Hydro-Québec said that the new rules will enable it to provide power to the new customers without any negative impacts on its capacity balance. It will also be able to “protect the low rates [it] offer[s] [its] customers,” it added.

To receive this newly allocation power, companies would have to go through a selection process which will take into account various factors such as the number of direct jobs created in Quebec, total payroll of direct jobs, investments, and heat recovery. The selection process will be launched in the coming weeks, Hydro-Québec said.

Cointelegraph reported that Hydro-Québec proposed new rules to the regulator in June 2018 focused on the sale of electricity to blockchain companies.

Blockchain infrastructure company Bitfarms said that it was an active participant in the hearings held during the summer and fall of 2018 at the Energy Board. Pierre-Luc Quimper, President and co-founder of Bitfarms welcomed the new rules saying:

“This decision helps to secure our long-term operations in Québec as we enter a new era of operational growth. We are excited to continue our collaboration with Hydro-Québec, municipal energy distributors and municipalities. With green hydroelectricity, innovative universities and a recent court decision that clearly supports the industry, Québec has all the ingredients to become a blockchain hub.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,106.90 (-2.87%)
  • Ethereum (ETH) $189.77 (-2.12%)
  • XRP (XRP) $0.270600 (-1.92%)
  • Bitcoin Cash (BCH) $306.82 (-1.90%)
  • Litecoin (LTC) $73.40 (-2.25%)
  • Bitcoin (BTC) $10,106.90 (-2.87%)
Aug 23, 2019 (Friday)
Stablecoin project Terra receives funding from HashKey Capital
Three of the founding members of Libra Association consider backing out: Report
Overstock's Patrick Byrne steps down as CEO
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
BitGo announces support for multi-signature EOS wallet and custody services
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
Crypto exchange Coincheck mulls launching IEO Platform
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Sierra Leone launches blockchain-based National Digital Identity Platform
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds
Crypto Technicals: XLM/USD bearish trend intact, hits multi-month lows at 0.06542
Russian firm ICORating settles $270K fine with SEC for concealing ICO touting payments
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.