Quebec Closed For Crypto Miners
June 9, 2018
The Canadian province of Quebec has imposed moratorium on entrance of mining farm operators with the view to let local authorities elaborate new standards.
Quebec is known for huge volumes of cheap power from hydro plants and relatively cold climate. At the end of last year the province started inviting miners from countries with worse conditions like China. Later state power company Hydro-Québec realized the demand for entrance was too high and started restricting the inflow of miners.
In February this year the company’s press officer stated, Hydro-Québec may increase electricity tariffs for crypto miners as consumption volumes are too big. In March the company adopted temporary ban on the in-move of miners.
The moratorium will give the authorities time to take balanced decision. Possible restrictive measures include rising tariffs so that power suppliers can increase gains and limiting power volumes for miners. But it is not that simple as Hydro-Québec plans setting the limit of 500 megawatts while local miners demand 17,000 megawatts.
According to the company, it is not able to provide necessary power volume given each crypto mining project is approved and admitted to the province. New legislation may allow for Hydro-Québec choose the best projects that would develop the province’s infrastructure along with mining. The company believes this will improve the economy of Quebec so the power supplier won’t have to raise tariffs for the locals.