Québec Lifts Crypto-Moratorium, Allocates 300 MW for Crypto Mining
MONTRÉAL, QUÉBEC — The Régie de l’énergie has issued its decision in the blockchain file, and it very bodes well for the many businesses looking to capitalize on the distributed ledger technology, whether through mining cryptocurrency or developing new applications.Tthis according to a press release distributed by Hydro Québec, who officially handled the English announcement of the news. Much to the acclaim of data center developers, the Régie de l’énergie has lifted the moratorium on electricity supplies to be used for crypto mining.
“We’re happy with this development as it will allow us to move forward with a selection process for the allocation of a 300-MW block of electricity to the blockchain industry,” writes Hydro Québec. “This 300 MW will be in addition to the 158 MW already granted to existing customers approved by Hydro-Québec, and to the 210 MW granted to existing customers approved by municipal distributors. The result is a total of 668 MW of electricity for the blockchain industry.”
“The creation of a reserved block and the requirement to curtail electricity use during peak hours at Hydro-Québec’s request (up to a maximum of 300 hours a year) will allow us to provide power to these new customers without any negative impacts on our capacity balance. This will enable us to protect the low rates we offer our customers,” Hydro Québec continues.
At least 50 MW will be reserved for small projects of 5 MW or less. “The selection process will be launched in the coming weeks and will be based on the following selection criteria and weightings, as presented in the Régie de l’énergie’s decision. the economic development criteria dictate about 30% for each of the following items: number of direct jobs in Québec per MW; total payroll of direct jobs in Québec per MW; and investment in Québec per MW.”