Canada May Parcel Out 500 Megawatts to Crypto Miners
Hydro-Quebec, Canada’s largest power utility, has submitted a plan to Regie de L’energie, their provincial energy watchdog. In a statement dated June 21, few days ago already, the utility explained that the plan is about setting in motion a selection process which would allow crypto miners to bid for electricity.
The utility would give a thumbs-up or thumbs-down to the applicants following an economic analysis studying the proposed economic benefits for the province. Hydro-Quebec said it was set to allocate up to 500 megawatts to the industry, in addition to the 120 megawatts of already existing initiatives.
“In addition, Hydro-Québec could request that these customers decrease their electricity use, for a maximum of 300 hours per year, to allow it to ensure the delivery of electricity to all of its customers, particularly during the winter peak period,” the utility said in a statment.
Hydro-Quebec’s proposal comes 2 weeks after the local authorities lifted a ban on power supplies to crypto miners. In early March, a soaring demand for electricity among cryptocurrency miners raised fears that the utility wouldn’t be able to fulfill its obigations to supply energy to regular customers.
Hydro-Quebec, which operates 63 hydroelectric power stations with a total output capacity of 36,921 megawatts, is known for its cheap hydroelectric power. The utility offers some of the lowest electricity prices in the country.