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Bitfarms before the Québec Energy Board regarding cryptocurreny mining

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On July 13, 2018, the Board provisionally ordered that a new tariff be established for cryptocurrency miners and on July 19, 2018, the Board approved a provisional tariff of $0.15/kWh on cryptocurrency mining facilities built after that date. The provisional tariff constituted the first phase (“Phase 1”) of three phases of the Board’s regulatory proceedings on establishing a framework for the provision of electricity for cryptocurrency mining in Québec. On April 29, 2019, the Board’s decided to allocate to the cryptocurrency mining industry an aggregate supply of 300 MW of electricity. Pursuant to the decision, cryptocurrency mining projects are required to submit tenders to consume electricity from the 300 MW block. The third phase (“Phase 3”) of the Board’s deliberations will assess the need for a separate electricity tariff for cryptocurrency miners and will affect Bitfarms’s current operations. A Fasken team led by Pierre-Olivier Charlebois including Jean-Philippe Therriault is acting on behalf of Bitfarms in connection with this matter.