December 16, 2018, 10:41

Quebec May Parcel Out 500 Megawatts to Crypto Miners

Quebec May Parcel Out 500 Megawatts to Crypto Miners

Amid an unprecedented demand for hookups, Quebec’s public power utility has offered the provincial government the opportunity to set up a new framework for the blockchain industry.

Hydro-Quebec, Canada’s largest power utility, has submitted a plan to Regie de L’energie, the provincial energy watchdog. In a statement dated June 21, the utility explained that the plan is about setting in motion a selection process which would allow crypto miners to bid for electricity.

The utility would give a thumbs-up or thumbs-down to the applicants following an economic analysis studying the proposed economic benefits for the province. Hydro-Quebec said it was set to allocate up to 500 megawatts to the industry, in addition to 120 megawatts of already existing initiatives.

“In addition, Hydro-Québec could request that these customers decrease their electricity use, for a maximum of 300 hours per year, to allow it to ensure the delivery of electricity to all of its customers, particularly during the winter peak period,” the utility said.

Hydro-Quebec’s proposal comes two weeks after the local authorities lifted a ban on power supplies to crypto miners. In early March, a soaring demand for electricity among cryptocurrency miners raised fears that the utility wouldn’t be able to fulfill its obigations to supply energy to regular customers.

READ MORE: Quebec Lifts Moratorium on Power Supplies to Cryptocurrency Miners — Reports

Hydro-Quebec, which operates 63 hydroelectric power stations with a total output capacity of 36,912 megawatts, is known for its cheap hydroelectric power. The utility offers some of the lowest electricity prices in the country.

Source: sputniknews.com

Related posts