Quebec has issued a moratorium on new cryptocurrency mining operations in a bid to give officials time to develop new restrictions and potentially increase energy costs, Reuters reported Thursday.
The Canadian province long known for its cheap hydroelectric power has formally stopped approving new projects in order to create new rules around which mining firms will be allowed to set up shop in the region, according to the news agency.
Further, Hydro Quebec, the state-owned power producer, hopes to limit the power that can be available for miners to 500 megawatts in total, or just "a fraction of the 17,000 megawatts" that miners had requested so far, according to the report.
Hydro Quebec has also reportedly asked Quebec's energy board to create new rates so as to "Help maximize the energy producer's revenue."
This is not the first time Quebec has halted approvals for new cryptocurrency mining firms.
As previously reported, Hydro Quebec briefly stopped accepting new clients from the space in March, citing the large amount of energy demanded by miners.
At the time, the firm produced a document which stated it would be unable to meet demand if every mining project that applied for space was approved.
With new restriction rules, as Reuters reported, Hydro Quebec would be able to choose "The best among the companies" vying to develop facilities in the region.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Quebec Halts Crypto Mining Approvals As New Rules In Progress
Published on Jun 8, 2018
by Coindesk | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.