Canada re-costs crypto

Canada re-costs crypto

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Bitcoin miners looking to Canada may have to pay more for their energy supplies. Power provider Hydro-Québec says it is considering raising its rates for cryptocurrency mining operations – it reports that over 100 crypto firms have expressed interest in heading to Quebec, lured by the province’s low energy prices.

Hydro-Québec says it is concerned about the size of some of the proposed mining projects which could throw up capacity issues if they materialise. The company says it has introduced sector-specific rates before, though generally offering a discount rather than levying a premium.

The Natural Resources Ministry confirmed to the Montreal Gazette that the matter of raising rates was being discussed as part of the larger issue of how to manage rising demand and ensure network capacity is not threatened.

Currency mining is not a new industry to Canada. Local cryptocurrency operation Backbone Hosting Solutions, also known as Bitfarms, already operates four farms, with more in the pipeline.

Image: Hydro-Québec

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