Even though Canada has become a very important country for cryptocurrency mining, it seems things are changing behind the scenes. The Quebec provincial regulator has decided to allow utility providers to hike electricity prices for Bitcoin miners. As such, the rates will be increased by up to 300%, which might make the mining process unprofitable.
Big Changes Ahead for Hydro-Quebec
It was announced last week that Quebec’s Régie de l’énergie was not too happy about the influx of cryptocurrency mining operations. Although the province has no shortage of renewable energy, there are growing concerns over how the growing number of mining operations are putting a lot of pressure on the power grid. This issue is not unique to Quebec by any means, though, as other regions around the world have voiced similar concerns over the past few months.