Canada Plans Regulation For Crypto Mining Via Excess Hydroelectric Power
Canada is currently in the process of drawing up regulation for cryptocurrencies. A special framework devised by Couillard government back in May of this year brought an interesting proposition, that includes the sale of Quebec’s hydroelectric plants’ excess power. If adopted, the regulations will see this power sold to crypto miners to backfill the resources needed for the activity of mining cryptos.
Le Journal de Montreal‘s recent report states that Pierre Moreau, the Minister of Energy of Canada, is focussed on the crypto mining industry and, in particular, the energy usage that accompanies this sector.
Hydro-Quebec, Quebec’s main supplier of hydroelectric power, turned down miners’ requests for the cheaper power back in March of this year. According to the company, the main concern is that mining could sap up to 25% of the power output since the estimated number of mining companies exceeds 100, and they all made requests seeking a reduction in the price of energy needed for mining,
In a new twist, after Quebec assessed the possibility of economic benefits accompanying the mining of cryptocurrencies, a survey was launched as part of the investigation into this matter. A report issued by the Auditor General brought interesting results, stating that Hydro-Quebec produces a large amount of excess power, in the region of 13 TWh.