Quebec’s utility provider, the Régie de l’énergie (Hydro-Quebec) has unveiled new criteria that cryptocurrency miners or other blockchain companies will need to meet if they hope to get access to part of the 300 MW of additional electricity now allocated to the industry. Crowdfund Insider reports that the rules will require those firms to demonstrate job creation, good pay for workers, investment in the region, and heat offsets.
Regulators have been concerned about the industry’s electricity usage for some time, as the area’s inexpensive electricity had attracted several cryptocurrency mining operators. Those firms’ high energy needs prompted worries about possible rate hikes for other companies and homeowners in the region. Last July, regulators decided to allow Hydro-Quebec to charge miners up to two times the rates charged to other customers.
To qualify for part of the additional power allocation, crypto mining companies will need to meet certain economic and environmental criteria. As Crowdfund Insider reports:
By percentage, “Economic development criteria” is as follows:
- Number of direct jobs in Québec per MW: 30%
- Total payroll of direct jobs in Québec per MW: 30%
- Investment in Québec per MW: 30%
“Environmental criteria” is as follows:
- Heat recovery: Curtailed electricity use/total electricity use: 10%