Back in March, Quebec issued a moratorium against cryptocurrency mining companies operating in the province. The ban was to last for 90 days, but weeks before that date, Quebec officials have decided to lift the moratorium early, accordingly due to fears of missing out on any potential revenues from the industry.
But while crypto mining companies are finally free to operate again, there is a catch to this. The Quebec Minister of Energy Pierre Moreau had revealed a new decree imposing regulations on them, or at least those who want to purchase power.
Crypto mining companies will be paying a different rate compared to other consumers. It is presumed that this special rate will be higher than the average rate. Hydro-Quebec will also be given the right to cut off electricity to crypto mining companies when the grid is at maximum capacity.
Hydro-Quebec spokesperson Marc-Antoine Pouliot says:
“Having interruptible customers during these critical periods makes it possible to connect more.”
The public utility company provides some of the lowest power rates in all of North America—this makes Quebec a crypto mining haven to miners in the continent. Over a hundred firms were reported to have approached Hydro-Quebec with regards to establishing their mining operations in the province. Their total power consumption would reach 10TWh—leaving only 3TWh of the 13 TWh surplus power Hydro-Quebec produces.