Canadian Regulator Maintains Rates For Crypto Miners Under New Rules

  • Abhi Garg
  • By  Navdeep Garg
  • |
  • clock 2 MIN READ
  • |
  • calendar Updated: November 15, 2020


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. 

Frequently Asked Questions

  • 1

    How do I choose a trustworthy app development company?
    Here are a few things to remember to choose a reliable mobile app development partner:
    • Choose a partner that cares about its clients.
    • Never compromise on technology experience and domain expertise.
    • Check out your development partners’ portfolios, customer testimonials, and references.
    • Observe how they approach communication and how much they pay attention to your vision.
    • Ask the right questions to help you choose easily.
  • 2

    Why is India preferred for app development outsourcing worldwide?
    Here are a few reasons why India is one of the preferred outsourcing destinations:
    • The average outsourcing charges in India are $18 – $40, which is way more affordable than in developed countries like the USA, $38 – $63.
    • India has a large pool of native-English speakers who’re highly proficient in their work.
    • With an Indian outsourcing partner, you can access 24×7 support and specialized IT talent.
  • 3

    How much time does it take to develop an app?
    Depending on the complexity of a mobile app, it can take several weeks to several months to develop it. An app like Uber takes around 1200 hours to develop. On the other hand, a dating app like Tinder can be developed in 1000 hours.
  • 4

    Freelancers vs. app development company – which one is better?
    Pricing-wise, freelancers appear to be more affordable. However, they offer no accountability for your mobile app. You can’t hold them accountable if the app doesn’t turn out to be as expected. On the other hand, an app development agency takes complete responsibility for your mobile app. Hence, an app development agency is better than a freelancer.

Do you have an exciting mobile app idea in mind?

We can help you build a mobile app on an affordable budget. Contact us!