By CCN.com: Canada aims to lure cryptocurrency miners by offering cheap electricity in Quebec. The city’s energy authority, Régie de l’énergie, has asked its largest power provider to set aside an additional 300 megawatts of discounted energy for new bitcoin mining projects.
Until now, crypto mining has been fiercely concentrated in China. But as Beijing mulls an outright ban on bitcoin mining, the industry is flocking to Canada.
Décision de la Régie de l'énergie entourant l'industrie des chaînes de blocs. Bonne nouvelle, car nous pourrons aller de l’avant avec un processus de sélection selon lequel un bloc de 300 MW sera octroyé à des nouveaux clients de ce secteur.https://t.co/1UP95swUzv
— Hydro-Québec (@hydroquebec) April 29, 2019
Quebec: cheapest bitcoin mining rates in N. America
The leading power provider Hydro-Quebec had previously set aside 368 megawatts of discounted energy for crypto miners. Under the new regulation, Hydro-Quebec will add an extra 300 specifically to attract new projects, totalling 668 megawatts.
New miners will submit an application outlining plans for job creation and attracting new investment to the region. The projects will also be expected to offer a plan for heat recovery to offset the energy waste from mining.
Hydro-Quebec generates an energy surplus using renewable hydro energy. Source: Hydro-Quebec
Despite the strict criteria, Hydro-Quebec is confident in attracting big players: