Quebec, an Canadian Province Suspends the Mining of New Cryptocurrencies

On June 7th, 2018, Quebec announced to suspend the mining of new cryptocurrencies. Hydro Quebec is an energy management sector of Quebec which continuously supplies power to all other provinces. Basically, Quebec comes under Canadian Province.

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Ban on the sale of electricity

As per reports from Journal de Montreal, the Couillard authority has lifted a ban on the sale of electricity for mining cryptocurrencies. Basically, it is an energy-hungry industry which can absorb a large amount of Hydro-Quebec’s surplus energy. Pierre Moreau, Minister of Energy has presented a decree to regulate the sale of energy for mining bitcoins and other cryptocurrencies.

The government has implemented a new framework for mining operational restrictions in this period of pause. The authority has decided to categorize the electricity consumers of cryptocurrency mining operations. A separate block of energy is reserved for limiting the power of 500 Megawatts. Quebec has asked Energy Company to determine how much these digital currency miners should be charged for increasing the revenue of power producers.

New guidelines to be adopted

The President of Hydro-Quebec distribution claims that the blockchain sector is a promising sector for Hydro-Quebec. The frameworks are enforced to ensure that the development of sector results in maximum spinoffs in Quebec. It also eliminates the prices and expands the customers.

As per these new guidelines, Cryptocurrency miners must pay different and higher electricity rates. The public utility Hydro-Quebec has licensed to cut off the power to mine when the grid is at a maximum capacity.

Hydro-Quebec’s journey

Marc Antoine Pouliot, Hydro-Quebec’s spokesman says that “Hydro-Quebec is having persistent customers for these critical periods. It is making possible for connecting the many more people.” As per the CEO, Eric Martel, Hydro-Quebec has never anticipated an improvement. He has planned to sell 5 TWh to the sector in upcoming years.

Hydro-Quebec’s has filed an application to province’s energy regulator for proposing a selection process for the Blockchain projects. These projects require a huge amount of energy to operate super-fast microprocessors and air conditioners. Later it to chills the machines used for the process of mining.

These crypto-mining needs powerful computers for performing complex calculations. The Blockchain technology will also revolutionize the storage and transmission of the information. What’s your opinion on Quebec’s decision for banning on the sale of electricity to mine cryptocurrencies? Share your thoughts through Twitter and Telegram.

Image Source:- Quebec

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Nazeefa is a law student and loves Blogging. She does research on the trending topics of Blockchain, cryptocurrencies, and crypto-related assets.

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