News Quebec's Flip-Flop Policy on Cryptocurrency Mining Takes Another Turn

Quebec’s Flip-Flop Policy on Cryptocurrency Mining Takes Another Turn

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Quebec's Flip-Flop Policy on Cryptocurrency Mining Takes Another Turn

The Canadian province became a haven for cryptominers due to its cheap electricity, generated by the numerous hydroelectric power stations there. However, the influx of miners started to overload the power grid, leading to a ban on cryptomining in March 2018.

Quebec’s Minister of Energy Pierre Moreau has announced a decree aimed at sorting out the activities of cryptominers in the province, the local news outlet Le Journal de Montreal reported. In March, Quebec’s government banned the local Hydro-Québec power company from selling electricity to cryptocurrency mining companies due to the severely increased load on the province’s power grid.

READ MORE: India Declines to Buy Venezuelan Oil With Petro Cryptocurrency Despite Discounts

The increase was caused by the influx of power-hungry cryptominers to the region, which has an abundance of cheap energy. However, the 13 TWh surplus electricity production began to decline.

Now Quebec’s government is ready to give the green light to miners once more, but on one condition — they will have to suspend mining during peak hours. If they don’t do it themselves, they will be forcibly cut off.

READ MORE: Floating Island in Polynesia to Have Green Tech, Its Own Cryptocurrency (PHOTO)

According to Le Journal de Montreal, the reason for the change of heart is Quebec’s desire to seize the “economic benefits” of allowing cryptominers to operate in the province and wish to keep up with the new cryptocurrency trend.

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