Power Rates for Miners to Rise in Quebec

The Canadian province of Quebec and cryptocurrency miners see the new stage in their relations coming. State energy producer Hydro-Quebec is considering raising electricity tariffs for miners.

The company’s press officer Marc-Antoine Pouliot has claimed in the interview to CTV News Montreal, over 100 mining companies have addressed Hydro-Quebec with the view to move to the province where power costs are quite low. Some of them have already began their activities in Canada.

Yet not everything is that rosy. Pouliot notes, some mining facilities consume 20 times more power than the province’s main sporting Bell Centre does which hosts one of the most prominent ice hockey teams Montreal Canadiens.

“One project like that isn't a problem, but now we're talking hundreds”, Pouliot claimed.

So why is that so remarkable? The point is that the agreement seemed to be mutually beneficial at first as miners were invited to the province offering enticingly low-cost power Quebec has in plenty due to huge number of hydro power stations. In two months, however, it was clear the number of those wishing is so high the province just cannot cope with.

Quebec is not the only place to suffer from miners inflow. As reported earlier, the Icelandic power supplier HS Orka voiced concern about electricity consumption by miners which may cause power deficit in the country. Taxes for miners are reported to be introduced there.

There is much in common between Iceland and Quebec: plentiful power resources and cold climate which provides for scrimping on cooling systems for mining rigs. Yet neither the Canadian province nor the Northern state could foresee the influx of miners to be that great, so now they have to take on restricting measures.