Canada’s Energy Authority Releases New Crypto Mining Rules for Bitcoin Operations
Quebec, the Canadian province which is growing in stature as the crypto mining hub mainly due to the cheap and clean hydroelectricity available in the province. Régie de l’énergie, the energy regulator of the Canadian province has recently introduced new regulation policies for crypto mining on April 29th. The news was announced by the leading electricity producer Hydro-Quebec.
As per the new policy set by the regulator's electricity producer Hydro-Quebec to allocate 300 MegaWatt of energy towards the blockchain space. The 300 MW will be an addition to the 158 MW already granted for the mining use by Hydro-Quebec and as well as the 210 MW already approved by the municipal distributors.
How Can Mining Farms Avail The Extra Allocated Energy Supply
Crypto mining farms looking to avail the newly announced quota of 300 MW extra energy supply need to pass a selection test which has 4 major criteria.
- The total number of jobs created by the company in Quebec province.
- The total payroll generated out of the direct jobs.
- The value of the investment put in by the firm looking to operate in the Quebec province.
- The heat recovery.
Hydro-Quebec says that the newly created regulation policies would help them protect the low rates that it is offering to crypto businesses. The policy has been created to ensure that the crypto mining companies operating in the province do not just make a profit for themselves, but also provide great working opportunities for the residents of the province.
Canada Is Turning Out To Be The New Mining Hub For The Crypto World
Canada is slowly growing to become the crypto mining capital of the world, all thanks to its crypto friendly regulations, reforms, innovations, low energy costs and high internet speeds to count a few. Hydro-Quebec one of the leading producers of clean hydroelectric energy recently revealed that they have surplus supply equivalent to 100 terawatt hours over 10 years, which enable the firm to offer some of the lowest electricity rates in North America.
Electricity plays a very crucial role in crypto mining as the mining rigs use extensive amounts of it to verify transactions, and since most of the mining farms which consist of hundreds of powerful mining rigs, electricity cost can prove to be the deciding factor in making or breaking a crypto mining company.
In June last year, Hydro-Quebec proposed new rules according to which new crypto mining companies planning to operate in the province need to bid for electricity and quantify the jobs and investments they are expecting to generate per megawatt. Another Candian province Ontario town of Innisfil, Canada recently announced a pilot programme under which the residents of the town will be allowed to pay their property taxes in Bitcoin, and if the pilot project turns out to be a success, then the authorities might even add new crypto options in the form of Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP) and Ether (ETH)
Canda is also gaining the status of being a crypto hub due to the complete mining ban initiated by the Chinese government. This has forced many Chinese mining farms to shift towards Canadian provinces. Mind you before the complete ban imposed by the Chinese government on crypto mining activities, China used to be the mining capital for the great surplus supply of clean energy that it produces.