Cryptocurrency mining firms in Quebec, Canada will have to rules to abide by after country’s energy regulator, Régie de l’énergie rolled out new regulations for operators in the energy-intensive industry.
According to Quebec’s major electricity distributor, Hydro-Quebec, the new regulation among other things allows the firm to increase its electricity distribution to the blockchain industry by 300 Megawatts (MW).
As Hydro-Quebec notes, the “300 MW will be in addition to the 158 MW already granted to existing customers approved by Hydro-Quebec, and to the 210 MW granted to existing customers approved by municipal distributors.”
For mining companies to qualify for a portion of the newly approved electricity allocation, they would pass through a selection process. Hydro-Quebec confirmed that the four criteria it would use to determine whether a company deserves the extra electricity allocation includes:
The number of jobs the company has created in Quebec.
Total payroll of direct jobs provided by the firm
The value of their investments in the province and
Their heat recovery process.
Hydro-Quebec finally adds that the roll-out of the new rules will allow it to continue meeting up with the industry’s high electricity demands without compromising on the low rates that attract many mining firms to the province.
Meanwhile, Quebec is not the only region that defined new rules for cryptocurrency mining activities or imposed fines for a failure to comply with such regulation.
Earlier this month, Stmarket.co reported that Missoula, a county in U.S State Montana rolled out new regulations requiring that all cryptocurrency mining farms must use renewable energy for its operations.
More recently, Brazilian authorities fined the owner of a secret crypto-mining farm for operating under the disguise that the apartment consumed only the same electricity as other households in the neighbourhood.