Quebecan crypto miners will have to discard imminent plans of building bigger rigs, as Hydro-Quebec, a major Canadian electricity provider, will temporarily stop accommodating cryptocurrency miners so as to provide enough power to the province as a whole, according to a press release published June 7.
Currently, Hydro-Quebec is receiving increasing demands from crypto companies, which exceeds the electricity provider’s short and medium-term supply, such as it has never experienced before. In light of the recent phenomenon, the provincial government of Quebec has ordered the electricity provider to stop in accommodating cryptocurrency miners, at least until a new framework and policy has been created.
Hydro-Quebec will file an application to the local energy regulator Régie de l’énergie, sending a list of pre-selected blockchain industry to supply energy to. The regulating body will then select the companies to accommodate based on whether they would help the province in other ways, like the creation of more jobs and investments to jumpstart some profitable projects.
Eric Filion, Hydro-Quebec Distribution’s president, maintained that:
“the blockchain industry is a promising avenue for Hydro-Quebec. Guidelines are nevertheless required to ensure that the development of this industry maximizes spinoffs for Quebec without resulting in rate increases for our customers. We are actively participating in the Régie de l’énergie’s process so that these guidelines can be produced as quickly as possible.”