Quebec may issue ruling that requires Bitcoin miners to bid for electricity

New rules in Quebec could mean that blockchain companies must bid for electricity by detailing what they expect in return in terms of jobs and investment.

Hydro-Quebec is behind the proposed guidelines, which would allocate 500 megawatts on top of the 120 megawatts already assigned and charge 1 Canadian cent per kilowatt hour.

“The goal of this process is to both maximise economic spinoffs for Quebec and revenue for Hydro-Quebec – in turn, pushing electricity rates down for customers,” the firm said.

And it appears the proposal could eventually get official backing, with members of the Quebec government reluctant to offer crypto miners special treatment without the promise of something tangible in return.

Premier Philippe Couillard added: “There needs to be added value for our society; just having servers to do transaction mining and acquire new Bitcoins, I don’t see the added value.”

Last month, analysts foresaw blockchain technology’s applications in the public sector, particularly digital services from the government.

“Government plays a leading role in keeping public records and funds,” Andrew Pender, the The Conference Board of Canada’s Associate Director, Privacy and Corporate Security. In this regard, blockchain’s distributed trust model could support governments’ efforts to ensure accountability and transparency, and simplify the management of information in a secure way.”