Quebec Lifts Moratorium on Cryptocurrency Mining

Quebec is an excellent place for cryptocurrency miners. Thanks to Hydro-Québec’s network of 63 hydroelectric power stations, Quebec has a considerable supply of low-cost electricity.   

With miners flocking to the region, the government decided to introduce a temporary ban on the provision of electricity to new mining companies with a view to think over appropriate electricity consumption terms.

It seems Quebec’s government is finally ready to lift a moratorium on the supply of electricity to crypto miners, which is not surprising, as more than one hundred enterprises, which are expected to consume more than 10 TWh of electricity, have applied for the purchase of electricity from Hydro-Québec, a public utility that manages the generation, transmission and distribution of electricity in the region. They are waiting for the end of the political impasse. Meanwhile, Hydro-Québec’s current surplus of electricity totals 13 TWh. 

Hydro-Québec did not foresee such numbers. CEO of the company Eric Martel said in an interview in January that they were going to sell about 5 TWh of electricity to the crypto mining sector in the coming years.

From now on crypto miners will have to pay for electricity on the basis of specific tariffs, also, Hydro-Québec will be able to limit supply for such companies for a period from 100 to 300 hours per year when the electricity network is operating at its maximum capacity.