Canada’s largest power company, Hydro-Quebec, has now announced that it will set aside a dedicated 300 megaWatt block of electricity, specifically for the use of Bitcoin mining activities. This now brings the total power allocation to the blockchain sector in the region to 668 MW.
The attractiveness of Canada as a hub for Bitcoin mining is well established, with the country already charging one of the lowest costs of electricity in the world at USD 0.10 kWh, which is already less than 25% of the cost in other states such as New York and Boston, and still far cheaper than that of other major cities across North America.
According to the announcement,
“[The new allocation] will allow us to accommodate these new customers without negatively impacting our power budget. We will be able to protect the low rates offered to our customers.”
Jonathan Hammel, who works as a Bitcoin technology consultant with the Montreal Economic Institute, saw this announcement as a positive sign for the industry in Canada, especially since there has been some upheaval in recent months:
“The decision of the Québec Energy Board is a major victory for Bitcoin miners in Québec but also for Bitcoin in general. It’s a clear demonstration that Bitcoin-related businesses are operating within the scope of the law of the land.”
Much of the past criticism of Hydro-Quebec has come from the non-mining majority, who are concerned about crypto mining activities increasing power costs and small mining operations.
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