Energy Rate Hike Approved For Bitcoin Mining Firms By Quebec

Energy Rate Hike Approved For Bitcoin Mining Firms By Quebec

Bitcoin mining firms planning to set up shop in Quebec will be paying more for electricity. This came after the energy regulator of the Canadian province, Régie de l’énergie, gave the region’s utility firm, Hydro-Quebec, the go-ahead to impose a deterrent tariff that will see cryptocurrency miners paying double the rate that is levied on households and other utility customers.

The rate for new cryptocurrency miners entering the province will now be 15 cents per kilowatt hour.

According to the Montreal Gazette, the new rates will be applicable until regulations for the sector are introduced. The rates will, however, not apply to existing agreements but will only affect deals that were signed after June 6th 2018. The move is aimed at consistent supply, especially during peak demand.

Régie de l’énergie wrote: “The Régie considers that the rates and conditions … will ensure the security of electricity supply in the particular context of massive, sudden, unexpected and simultaneous demands for the use of blockchain technology, including mining cryptocurrencies,”

Check Also – Korea’s Financial Regulator To Establish Positive Cryptocurrency Policy Body 

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