Thursday, June 8, it became known that the government of Quebec has announced a moratorium on approval of new projects for the mining of cryptocurrencies. The main purpose of the suspension was to give officials time to prepare the new restrictions and the possible increase in electricity prices.
It is reported that during the moratorium the government will prescribe the rules and form criteria that must be met by mining projects, which will be allowed to operate in the canadian province.
Quebec is known for its low electricity prices, thanks to our own hydroelectric complex. For the production and transportation of all electricity in the province responds to Hydro-Quebec. Now the company hopes to limit miners capacity to 500 megawatts. This is only a small fraction of those 17 000 megawatts required mining farms now. In addition, Hydro-Quebec appealed to the energy Board of Quebec with a request to increase electricity tariffs.
Recall that in Quebec is not the first time prohibit the opening of farms. For example, in March the same Hydro-Quebec for a short period, stopped the admission of new clients, arguing that his decision by the fact that miners and so consume too much energy. According to calculations, if each farm will have access to electricity, the company will not be able to meet the demand.
The new rules will allow Hydro-Quebec to choose the “best” among the farms for mining cryptocurrency. As noted by the President of distribution company Eric Filion (Eric Filion), this measure will help the province grow in economic terms without detriment to local residents.
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