According to a new report from Reuters, the province of Quebec has halted approvals for any cryptocurrency mining projects. This comes after Hydro Quebec asked the province to limit the total power available to these projects to 500 megawatts.
Currently, mining projects in Quebec are asking for an average of 17,000 megawatts. The province is also asking the energy board to help them determine how much they should charge crypto miners in order to help maximize the revenue obtained by the energy producers.
The province is looking to restrict other companies who are looking to move to Quebec to take advantage of the low energy rates.
Quebec Energy Minister Pierre Moreau said that the province will establish a new set of rules that allow only the “best among the cryptocurrency companies” to bring their business and operations to Quebec.