Quebec is halting approvals for new cryptocurrency mining projects so it can reconsider the miner’s restrictions and power rates.
The announcement comes after Hydro Quebec asked the province to limit the power available to digital currency miners.
Hydro Quebec wants to limit the miners to a block of 500 Megawatts, which is about the amount of energy that an aluminum smelting plant uses, according to Reuters.
The miners have currently requested somewhere around 17,000 megawatts of electricity to run their operations in the province.
The provincial energy board is also looking into how much it should charge miners. It will be changing its rates to help maximize Hydro Quebec’s revenue.
Hydro producers have been ordered by the Energy Minister of Quebec not to connect any new mining firms until new regulations are set in place.
The province was previously a ‘wild west’ for crypto miners because of the low energy costs and lots of empty space.
Quebec told Reuters that it’s looking to restrict the surge of applications from mining companies from China and other countries. Its goal is to only get the best crypto companies said Pierre Moreau the Quebec energy minister, according to Reuters.
Source: Reuters
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