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Canadian+Energy+Regulator+introduces+rules+for+Cryptocurrency+Mining

Canadian Energy Regulator introduces rules for Cryptocurrency Mining

 

Régie de l’énergie, the energy regulator of the Canadian province of Quebec has recently released new rules for cryptocurrency mining. As per regulations put forth by  Régie de l’énergie power producer Hydro-Quebec will allocate 300 megawatts (MW) of electricity to the blockchain industry. The announcement explains,

“This 300 MW will be in addition to the 158 MW already granted to existing customers approved by Hydro-Quebec, and to the 210 MW granted to existing customers approved by municipal distributors,”

The companies contesting for power must first pass a selection test. The selection criteria is based on four parameters. The parameters being the total number of jobs created, payroll of direct jobs, the value of investments and heat recovery. Per Quebec, the new rules will help the organization provide low rates to customers in the long run.

Based on its low energy cost-effective solutions Canada has positioned itself as a leading crypto nation. Also, in July last year, Hydro-Quebec made an interesting revelation. The revelation is that the province had an energy surplus of 100 Terrawatt hours. The province saved this staggering amount of electricity over 10 years and has some of the lowest electricity rates in North America.

Last June, Hydro-Quebec proposed new rules. The rules stated that blockchain companies would need to first bid for electricity and then give an account of jobs and also state the investments they expect to generate.

In another news reported by CoinMarketFeed, The Ontario town of Innisfil, Canada, recently started a pilot program, this will enable residents to pay property taxes with cryptocurrencies. The Council voted to approve the program on March 27.

Also, the council may further extend support to other cryptocurrencies including Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Ripple (XRP) at a later date.

Innisfil has partnered with cryptocurrency payment processing project Coinberry Pay for the same. The payment processor will convert cryptos to Canadian dollars and then transfer payments to the town. This is to ensure that crypto volatility doesn’

The state of Ohio became the first state in the US, to allow businesses to pay taxes using Bitcoin. Also, as reported by CoinMarketFeed, The County Auditor’s Association of Ohio (CAAO) announced the formation of an active group to study distributed ledger technology for the effective transfer of property deeds. The group to be formed will purportedly test the use of distributed ledger technology for bringing efficiency to management and execution to real estate transactions.

In February, the state of California introduced a bill to allow cannabis-related businesses to pay fees and taxes in stablecoins.