Quebec Lifts Moratorium on Power Supplies to Cryptocurrency Miners - Reports

CC0 / / Bitcoin
Bitcoin - Sputnik International
The major Canadian province of Quebec has lifted a ban on the sale of electricity to cryptocurrency miners, according to local media, cited by the CCN cryptocurrency news website.

Quebec authorities notably reversed their policy due to increasing concerns that the province would ultimately miss out on potential revenue in the nascent but cutting-edge sector, according to cited sources.

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Earlier, the Quebec Minister of Energy, Pierre Moreau, introduced a decree imposing a limitation on cryptocurrency mining operations that demanded considerable amounts of electricity. Under the new regulation, cryptocurrency enthusiasts will be forced to pay higher electricity rates, and state power giant Hydro-Quebec will be granted the right to deprive miners of power if the grid becomes overloaded.

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"Having interruptible customers during these critical periods makes it possible to connect more. [Hydro-Québec's mandate] is to ensure the implementation of cryptocurrencies in Quebec by maximizing economic benefits and ensuring the stability of our electricity supply."

Multiple concerns over a rapidly-growing demand for electricity and its massive consumption, as miners flock to areas in search of low electricity prices in North America, led the province to adopt a moratorium in March 2018, barring utilities from sending electricity to power-hungry crypto-miners.

READ MORE: Quebec's Flip-Flop Policy on Cryptocurrency Mining Takes Another Turn

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