Two cryptocurrency mining companies have told the Manitoba government they could be forced out of business by new proposed laws.
The government has introduced a bill to charge cryptocurrency operations and data centres up to 100 per cent higher rates for electricity.
Another bill would allow Crown-owned Manitoba Hydro to temporarily reduce power to cryptocurrency operators at peak times in order to ensure stability of the grid.
Finance Minister Adrien Sala has said the changes are needed because cryptocurrency mines provide low economic value while using substantial electricity.
Guildo Theriault, whose company Gator Mining runs several locations in Manitoba, told a legislature committee the company will go bankrupt if the government implements its plan.
Another crypto-mining operator, from the Arborg area, said his firm would go bankrupt, putting people out of work and reducing property tax revenue for the municipality.
