Canadian Regulator Maintains Rates For Crypto Miners Under New Rules

Navdeep Garg
Crypto Miners Rates in Canada

Introduction

New rules issued by the Canadian province of Quebec’s regulator on April 29th, 2019 create Blockchain as a client category of its own and order utility Hydro-Quebec to assign 300 megawatts (MW) to the blockchain sector. Last year, the region decided to stop accepting fresh cryptocurrency mining projects to weigh limitations on their activities and determined to inflate rates they shell out for power. The board also dismissed Hydro-Quebec’s recommendation to make potential mining companies apply for new ventures.

Under the new regulations, the Régie de l’énergie has made an official statement as “Besides the 158 MW already granted to existing customers approved by Hydro-Quebec, this 300 MW will be granted to existing customers approved by municipal distributors.” The miners will keep paying 3.46 cents or 5.03 cents per kilowatt-hour plus additional costs based on their regional utility contract. To obtain some of the specifically assigned power, firms must pass a selection process where they are graded on four metrics such as the number of jobs created in Quebec, total payroll of direct jobs, investment value, and heat recovery. Hydro-Quebec states that the new rules will enable the organization to defend customers’ low rates. 

Canada has been appreciated as a world leader in cryptocurrency based on technology, low power costs, best Internet speed and beneficial regulatory framework. In June 2018 Hydro-Quebec suggested new rules requiring Blockchain-related firms to make an offer for electricity and accurately predict their jobs and investment on a per megawatt basis. 

Bitcoin mining takes up a lot of vitality of energy since it uses computers to perform complex math problems to verify cryptocurrency trades saved on Blockchain or digital ledger. Bitcoin rewards the first miner to fix the issue and adds the exchanges to the Blockchain. 

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Navdeep Garg
Article written by

Navdeep Garg

I'm founder and CEO of Revinfotech Inc. I traits in leadership and brilliant practitioner in the Financial Services and FinTech. I helped ban in connecting to the FinTech ecosystem through payment acceptance in blockchain as a service and even help i... read more

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