In what could be termed a major U-turn, Canadian town, Quebec has rescinded on its decision which it made in 2018, to stop the mining of cryptocurrencies by cutting energy supply for such purpose.
In lieu of this, Régie de l’énergie, the energy regulator of the Canadian province of Quebec, has instructed Hydro-Quebec, the power provider in the town to allocate 300 megawatts (MW) to the blockchain industry.
This was made known on April 29th, by Hydro-Quebec.
According to the announcement, “This 300 MW will be in addition to the 158 MW already granted to existing customers approved by Hydro-Quebec, and to the 210 MW granted to existing customers approved by municipal distributors.”
Canada has been making efforts lately to stand out as leaders in cryptocurrency and blockchain development, all thanks to its love for innovation, low energy costs, high internet speed and favorable regulatory regime.
Recall that in July, 2018, Hydro-Quebec made it known that the town had an energy surplus, which is similar to 100 terawatt hours over 10 years and offers some of the lowest electricity quota in the continent.
However, mining firms who are interested in receiving from this specially allocated power, must pass a selection process where they are classified into four category.
They include but not limited to — number of jobs created in Quebec, total payroll of direct jobs, the value of investments and heat recovery.
This, according to Hydro-Quebec, is to allow them monitor and protect the low rates it offers to customers.
The sudden change of mind by Canadian authorities, is a major milestone for the country in the cryptocurrency industry and also, for bitcoin, which is expected to be readily available acceptable in the coming months.
More so, another Canadian town, Innisfil in Ontario, announced some time ago, that it is running a pilot program which will see residents paying for property taxes with the bitcoin (BTC), with a possibility of adding other cryptocurrencies such as ether (ETH), litecoin (LTC), bitcoin cash (BCH), and ripple (XRP) as acceptable payment options in future.
The low energy rates granted by Régie de l’énergie in Canada, will see bitcoin mining attain the same status as established data centers and manufacturers.