Quebec's Cryptocurrency Miners Benefit from Energy Restriction Rollback

A long-standing moratorium that has prohibited the sale of electricity to cryptocurrency miners in Quebec may soon come to an end. Local news outlets are reporting that the Quebec government is softening its attitude toward digital assets. It is anticipated that Minister of Energy Pierre Moreau will make a pubic announcement soon to declare the rollback.

Cryptocurrency mining requires vast resources of power. The Quebec government previously stated that it had no way to control the amount of electricity being used by miners. Moreau had also stated that there were concerns about the ability of Hydro-Québec, the country's energy provider, to maintain a sufficient production volume if miners were allowed unregulated access to the company's power grid.

There are reportedly more than 100 professional cryptocurrency mining organizations in the country. All of them have sought to purchase power for their mining operations. Hydro-Québec maintains 60 power stations, but the company did not expect the drain that would be placed on it's resources. The moratorium sought to resolve the problem by denying power to mining farms.

It is believed that the new proposal will offer a compromise. Miners will still be allowed to purchase power, but the electric provider will be allowed to restrict usage by shutting off power to mining farms during peak usage times. It is estimated that miners would be prohibited from using the power grid a maximum of 300 hours each year.

The Quebec government had previously stated that it did not wish to supply cryptocurrency miners with affordable electricity. It now seems that the government has taken a more lenient approach. Many suspect that this is because the country is preparing itself for a more widespread adoption of cryptocurrencies and blockchain technology. Many countries throughout the world are now looking for opportunities to harness the power of digital assets and blockchains.