Canada ups cryptocurency energy charges

Canada ups cryptocurency energy charges

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The Canadian energy regulator has approved Hydro-Québec’s plans to charge cryptocurrency miners higher electricity rates. The company was seeking to charge prices double those levied against residential customers.

Régie de l’énergie says the rates will “ensure the security of electricity supply in the particular context of massive, sudden, unexpected and simultaneous demands for the use of blockchain technology, including mining cryptocurrencies.”

Hydro-Québec reports that it has received around 300 requests from crypto outfits, corresponding to over 40% of its generating capacity.

The rate increase will apply until the regulator develops a tariff expected to be applicable to all customers.

Hydro-Québec earlier this year expressed concerns about the size of some proposed crypto mining projects in Quebec. The company had previously introduced sector-specific rates, though generally offering a discount rather than levying a premium.

Crypto mining outfit Bitfarms, which operates centres in four locations in Quebec has unveiled plans to invest C$250m in computing centres in Sherbrook in the province.

Image: Bitfarms

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