Regulatory Series on Cryptocurrencies: Canada’s Hydro-Quebec Fuels More Electricity to Crypto-Mining

The energy regulator of the Canadian province of Quebec, Régie de l’énergie, has formulated the latest guidelines for the miners of cryptocurrencies. This development has been announced by the major Canadian electricity provider Hydro-Quebec on April 29th.

Well, as per the latest regulations, the regulator ‘Régie de l’énergie’ has directed power producer Hydro-Quebec to allocate 300 megawatts (MW) to the blockchain industry.

“This 300 MW will be in addition to the 158 MW already granted to existing customers approved by Hydro-Quebec, and to the 210 MW granted to existing customers approved by municipal distributors,” the announcement further explains.

Furthermore, Hydro-Quebec mentions in the announcement that the new direction likely to ensures the organization with the low rates it offers to clients.

Hydro-Quebec had divulged back in the last July that the province had an energy surplus equivalent to 100 terawatt hours over 10 years and offers some of the lowest electricity rates in North America.

Overall, Canada has always been a blockchain hub for innovations. We’ve already stated in our previous posts also, various reputed Canadian cryptocurrency exchanges, such as Coinsquare, Bitbuy, and Kraken etc had to usually undergo meticulous auditing process under the perimeter of their regulators.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -19 levels (which is mildly bearish), while hourly USD spot index was at -132 (highly bearish) while articulating (at 07:29 GMT). 

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