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| August 19, 2018

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Venezuela Devalues Currency and Hikes Wages, Stoking Fears About Instability

August 19, 2018 |

Businesses closed, banks struggled with transactions and people scrambled to find fuel Saturday, signs of panicked and skeptical reactions to Venezuela’s measures aimed at stabilizing a faltering economy.
WSJ.com: What’s News Asia

Trump escalates his criticism of Federal Reserve interest rate hikes

July 21, 2018 |

Before this week, it had been more than a quarter-century since a sitting U.S. president publicly pressured the independent Federal Reserve on interest rates.

On Friday, President Trump did it for the second day in a row.

In unprecedented back-to-back statements, Trump escalated his criticism of…


L.A. Times – Business

Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate

June 23, 2018 |

Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate

The Canadian province of Quebec has reportedly decided to charge cryptocurrency miners up to roughly three times the current price after they flooded utility Hydro-Quebec with requests for mining operations. In addition, several crypto-related proposals have been submitted including one that requires crypto firms to bid for power.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Price Hike for Crypto Miners

Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current RateQuebec, a province in eastern Canada, offers one of the lowest power rates in North America. Its electricity is generated, transmitted, and distributed by the country’s largest electric utility, Hydro-Quebec, which was formed by the government in 1944, and currently has over 4 million customers.

The utility has been courting cryptocurrency miners for months to use its surplus electricity. However, due to an overwhelming number of requests for crypto mining operations, the province has decided that it “will make electricity prohibitively expensive for cryptocurrency miners until it figures out how to deal with a surge in demand from the energy-hungry industry,” Bloomberg reported this week, adding:

Provincial regulator Regie de l’energie authorized utility Hydro-Quebec to charge 15 cents per kilowatt hour to blockchain companies, about three times the price they have enjoyed up to now. The temporary pricing doesn’t apply to existing clients and their operations, which total about 120 megawatts.

Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate“Blockchain companies will be required to bid for power and spell out the jobs and investment per megawatt that they will generate,” the utility further proposed. “The starting bid is 1 Canadian cent ($ 0.0075) per kilowatt hour above the rate the industry had previously enjoyed — roughly a 20 percent increase.”

Furthermore, Hydro-Quebec unveiled a plan Thursday, which requires approval from the regulator, “to allocate as much as 550 megawatts” for crypto mining on top of the 120 megawatts that are already in operation or approved, the publication detailed. A selection process will also be proposed which “will enable Hydro-Quebec to survey the industry on what it considers a fair price and to gauge what investment and jobs the applicants will generate,” a spokesman for the utility, Jonathan Cote, explained.

Overwhelming Demand from Crypto Miners

According to the publication, crypto miners flooded Hydro-Quebec with “requests that it says exceed its short- and medium-term capacity.” Cote told the news outlet on Thursday:

We don’t want to send a message to the market that this is the price for cryptocurrencies in Quebec…It’s more that requests are suspended until we have the proper framework determining conditions for that market.

“The temporary price is expected to be in place for several weeks until the regulator sets a tariff that will then be applicable to all,” the news outlet explained.

Quebec has been trying to attract crypto miners with its inexpensive electricity and cold winters, as news.Bitcoin.com previously reported. However, Hydro-Quebec indicated in January that it will not be able to meet the scale of power demanded by crypto miners. Prior to the rate hike decision, it started turning down new applications for crypto mining operations and considered halting mining operations during winter.

What do you think of Quebec hiking the electricity price for crypto miners? Let us know in the comments section below.


Images courtesy of Shutterstock and Hydro-Quebec.


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The post Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate appeared first on Bitcoin News.

Bitcoin News

Shale country is out of workers. That means $140,000 for a truck driver and 100% pay hikes

June 10, 2018 |

Jerry Morales, the mayor of Midland, Texas, and a local restaurateur, is being whipsawed by the latest Permian Basin shale-oil boom.

It’s fueling the region and starving it at the same time. Sales-tax revenue is hitting a record high, allowing the city to get around to fixing busted roads. But…


L.A. Times – Business

These Jobs Are Seeing Biggest Pay Hikes

May 23, 2018 |

Lawyers have enjoyed one of the largest pay increases over the past year. A 4.7% increase as of April brings the median base pay for an attorney to $ 101,817, according to Glassdoor. But lower-skill positions in high demand are making strides, too, including truck and delivery drivers. The…
Newser

Amazon Hikes Annual Prime Price

April 27, 2018 |

Amazon is raising the price of its annual Prime membership fee to $ 119 a year, up 20% from $ 99. New Prime members in the US will be charged the higher price starting May 11. The increase will apply to renewals of existing memberships starting on June 16. Besides free two-day…
Newser

Strong economy pushing Fed to consider faster pace of rate hikes even as trade-war risk grows

April 12, 2018 |

Federal Reserve officials leaned toward a slightly faster pace of tightening at their March meeting as their growth outlook and confidence in hitting their inflation target strengthened, according to minutes released Wednesday.

“A number of participants indicated that the stronger outlook for economic…


L.A. Times – Business

Fed increases key interest rate and signals faster pace of rate hikes next year amid stronger economic growth

March 22, 2018 |

Federal Reserve officials see a stronger U.S. economy and signaled Wednesday that would mean a slightly faster pace of interest rate hikes in coming years.

For the moment, they’re sticking with plans for three small hikes in their benchmark interest rate this year while adding one more hike in…


L.A. Times – Business

Will the wild stock market cause the Federal Reserve to slow interest rate hikes? And should it?

February 13, 2018 |

Financial markets delivered an unwelcome gift for Jerome H. Powell when he was sworn in last week as chairman of the Federal Reserve — a nosedive.

Triggered by fears of rising inflation and interest rates, the Dow Jones industrial average’s record 1,175-point plunge on Feb. 5 kicked off the worst…


L.A. Times – Business