Auction for one bitcoin: canadian miners will be trading for the price of electricity

The company Hydro-Quebec has proposed new rules for electricity consumption by miners and the businesses that use the blockchain. As reported by Cointelegraph, the price of a megawatt of electricity will be calculated on the basis of bidding.

How much you need electricity for mining?

The new policy of the company involves the optimal allocation of 500 megawatts of electricity to the already supply 120 megawatts. While such power can expect major miners. The initial price of 1 kilowatt-hour – one canadian penny, which is twenty percent above the average rate in the country. A new plan for Hydro-Quebec must still be approved by the local regulator, the Regie de l’energie.

The purpose of this process lies in maximizing the efficient use of energy resources of Quebec and of the profits of Hydro-Quebec. So we will be able to reduce electricity rates for ordinary citizens.

The attitude of the authorities of the canadian province to the mining of cryptocurrencies had to change dramatically in a couple of months. We will remind, in may the government announced about introduction of the moratorium on the sale of cheap electricity to miners. In early June, the ban suddenly canceled, however, increased the rate for miners three times.

The increase in electricity prices took place under the auspices of the regulator, the Regie de l’energie. In the end, the Supervisory authority has agreed to allocate 500 megawatts of cheaper electricity for the needs of the miners. However, these capacities are not enough for all so that the large miners will have to bargain for the most favorable price.

Under the control of the Hydro-Quebec is now 60 hydropower stations with a total capacity of 13 terawatts. This year, the company asked more than a hundred different companies with a total consumption of 10 terawatts. Hydro-Quebec stated that it will be used primarily to serve production and people. Only after the energy distribution for all higher authorities, the miners can rely on their share.

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