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.
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.
"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