Qu?bec Utility Asks For Reallocation Of Electricity From Bitcoin Miners

Last month, the provincial energy regulator was asked to reallocate 270 megawatts that was set aside for cryptocurrency mining.Author:BtcCaseyPublish date:Dec 8, 2022Last month, the provincial energy regulator was asked to reallocate 270 megawatts that was set aside for cryptocurrency mining.The Qu?bec government’s utility company, Hydro-Qu?bec, has requested the reallocation of 270 megawatts of energy set aside for cryptocurrency mining, once again signaling another Canadian government entity’s desire to curtail or modify bitcoin mining in the country. According to the Cambridge Bitcoin Electricity Consumption Index, Canada had 6.8% of the global hash rate as of December 2021. A Bitcoin Magazine article from 2021 describes the regulatory challenges faced by Canada and the successful operations that have continued to thrive in Canada despite these. The Manitoba government recently issued an 18-month moratorium for new mining operations. Canada has seen large influxes in the past of miners looking to capitalize on its abundant power. According to the Wall Street Journal, Hydro-Qu?bec charges the lowest industrial power rates in North America with an average price of 3.93 cents per Kilowatt-hour as of April 1. According to Hydro-Quibec, the average cost in North America for industrial power is 8.22 cents. “The request is currently being reviewed by Qu?bec’s energy regulator, R??gie de l’?nergie du Qu??c. This approval is expected to take place within the next few weeks. Although the move will not affect existing firms in the province, it could have an impact on future development and investment in the region. The ability of bitcoin miners to move their equipment makes it possible for operations in the region to shift to more friendly locations like Texas and Wyoming. This could be a prime example of the power of regulation. This has been demonstrated before, most dramatically with the hash rate migration out of China after their bitcoin mining ban.Tagsterms:electricityCanadaQuebecMining

 

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