On Thursday 07 June, Canada’s Quebec region announced that it will not approve any cryptocurrency mining projects, until it sets new regulations on their operations.
According to the announcement, Hydro Quebec, the power generator which is owned by Quebec government issued a statement stating that,
“Will ask the province’s energy board to quickly determine how much it should charge digital currency miners. And determine how much energy should be allocated to the industry while addressing the need to maximize revenues and job creation”.
The power generator firm has also enquired the Quebec to reduce the total power enabled to all crypto miners. Therefore to a block of 500 megawatts, a energy consumption on a single aluminum smelting plant.
However, this is due to Hydro Quebec undergoing “unprecedented” demand from blockchain companies that surpasses its short and medium capacity. Respectively, the power generator will file an application to local energy regulator proposing a selection process for blockchain industry projects. Later on the regulators will reportedly target companies that can offer profitable economic advantages including investments and local job creation.
Read the full article here: Hydro Quebec