QUEBEC, CANADA — Access to Quebec's power grid is going to cost new cryptocurrency miners triple.
This week Quebec increased energy prices for new blockchain companies by 300 percent to 15 cents per kilowatt hour, reports Bloomberg. The province is powered entirely by renewable energy sources, and most of this comes from hydropower.
Bloomberg reports new blockchain energy requests would go beyond what Quebec can provide power for in the short and medium-term. State-owned provincial power administrator Hydro-Quebec will keep the rate in place for several weeks until a new power limit and pricing model is calculated.