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ARTICLE · 06 JUNE 2019

Hydro-Québec's New Framework For Digital Currency Miners

McCarthy Tétrault
McCarthy Tétrault
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The Régie de l'énergie (the "Régie") recently issued a decision approving the creation of a new class of customers for digital currency mining. In addition, a new electricity block

CanadaTechnology
Canadian Energy Perspectives
Canadian Energy Perspectives
Jacob Stone
Jacob Stone
Mathieu LeBlanc
Mathieu LeBlanc
Elisabeth Sohier-Poirier
Elisabeth Sohier-Poirier
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The Régie de l'énergie (the "Régie") recently issued a decision approving the creation of a new class of customers for digital currency mining. In addition, a new electricity block of 300 megawatts will be reserved for this class of customers.

Digital currency "mining" refers to the process by which high-powered computers attempt to match a sequence of digits in order to verify transactions stored on a blockchain. Blockchain technology uses a distributed ledger, which is a database that is shared and synchronized across a network of individual computers. The ledger contains "blocks" which are digital pieces of information that record transactions. Once the sequence is found, the transaction is added to the blockchain and the successful miner is rewarded with digital currency.

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