Good news for cryptocurrency miners and blockchain startups in Canada as the Hydro department of Québec has announced the decision of allocating a 300-MW block of electricity to the blockchain industry. Looks like Canada will play a major role in the Blockchain industry and specifically in Bitcoin mining.
According to the press release of Québec’s Hydro department, they announced that they will move forward with the blockchain file and now will now allocate 300 MW extra for the blockchain space. This is very encouraging for all the cryptocurrency miners as recently there have been talks of China banning cryptocurrency mining completely.
Already Hydro-Québec has allocated 158 MW of electricity before for blockchain industry along with 210 MW approved from municipal distributors. So, now the addition of 300 MW more will make the number to 668 MW of electricity for the blockchain industry in total.
Below is the tweet which was done by the official Hydro department of Québec (It is in French).
Décision de la Régie de l'énergie entourant l'industrie des chaînes de blocs. Bonne nouvelle, car nous pourrons aller de l’avant avec un processus de sélection selon lequel un bloc de 300 MW sera octroyé à des nouveaux clients de ce secteur.https://t.co/1UP95swUzv
— Hydro-Québec (@hydroquebec) April 29, 2019
According to the officials, this reserved electricity will help the new customers in the blockchain world without impacting the current capacity. This will also help in maintaining the low rate of electricity.
It is strange that earlier the same department increased the rate of electricity for the miners and now they allocated extra power at the lower cost. We think this could be due to the fact that the blockchain industry is going to boom and Canada don’t want to left behind.
Also, most of the major player in mining space is already analyzing Canada as the next destination to mine the cryptocurrency after China. We think by this announcement many big players will surely try to set up their own offices and mining datacenters in Québec.
We think this is a very positive and encouraging development in the blockchain industry which will surely give a boost to new blockchain startups. Do let us know what is your opinion about this news and do you think it will have a positive impact on Cryptocurrency & Blockchain space?
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