The cryptocurrency industry was further legitimized on Monday, April 29, as the Canadian province of Quebec created a special blockchain as a client category in the province’s energy sector where cryptocurrency miners benefit from cheap and reduced electricity rates.
Quebec offers the lowest power rates in North America, and according to Hydro-Quebec, the provincial utility provider, they have received a surging demand from cryptocurrency miners, despite Bitcoin’s price fall last year.
According to new rules set by Quebec’s energy regulator, blockchain makes up a new category of power consumption. The industry will thus be allotted an extra 300 megawatts, on top of the 368 megawatts already committed.
The province’s energy regulator is in favor of helping cryptocurrency miners, as prior to these new rules, Hydro-Quebec had proposed that miners bid for power. However, the regulator rejected this proposal in favor of providing crypto miners with favorable power solutions.
Companies must apply to be considered a blockchain company and will be judged on 4 criteria, including the number of jobs created, investment plan, and their heat recovery plans for the energy-intensive computing process that secures a blockchain network and mints new coins.
Moreover, while blockchain clients receive prorated electricity rates, they will be required to pay the same tariffs that large consumers, such as data centers and manufacturers, pay as well.
As reported by Bloomberg, spokesman Jonathan Cote said in an interview that there is a high demand for electricity by Bitcoin miners in Quebec, even after the drastic fall in Bitcoin’s price last year.
Therefore, though many Bitcoin (BTC) miners capitulated after we broke $6,000 support, it appears that interest is still strong and they want back in the game.
Bitcoin mining has picked up in China as well, where miners are preparing for the next big bull run. What are you doing to prepare for Bitcoin’s rising price?
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