Coinfomania: Where blockchain and cryptos live.

Quebec Denies Proposed Electricity Price Increase for Crypto Miners

The crypto mining community in Quebec had some good news to cheer on at the start of the week after the Quebec Energy Board decided in favour of the emerging industry.

According to a May 2 press release by the local mining company, Bitfarms, the decision involved a proposed electricity price increment and a new pricing model planned by major energy distributor, Hydro Québec.

The Quebec Energy board did not only rule that Hydro Québec should not implement the electricity tariff increase but ordered the allocation of an extra 300 Megawatts of electricity to companies in the blockchain space.

The added electricity supply is over 70% of the previously allocated 368 MW and should be enough to boost the activity of cryptocurrency mining firms into the foreseeable future.

Speaking about the victory of crypto miners in Quebec, Bitfarms co-founder, Pierre-Luc Quimper expressed a belief that the move will usher in “a new era of operational growth” for the young industry.

He also noted that with the decision in favour of crypto miners and other bold moves by Quebec regulators, puts the region in a strong position to become a “blockchain hub.”

Moving away from Quebec, Coinfomania reported a similar development last month in Missoula County, Montana, USA. While the Quebec situation ended in favour of the crypto mining industry, the case in Missoula did not, with all mining firms now mandated to use renewable energy for 100% of its operations.

Within the same period, Bitfarms also provided evidence of its profitability despite the bear market amid rumours that the 2018 decline hard hit the mining company.

Affiliate:  Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!

Follow us on Twitter, Facebook, and Telegram to receive timely updates. Subscribe to our weekly Newsletter.

Comments (No)

Leave a Reply