Manitoba’s plan to charge cryptocurrency operations higher electricity rates and curtail power at peak times will drive businesses under, officials with two companies told a legislature committee.

“If this goes through, our business goes bankrupt and a lot of families will be impacted,” Guildo Theriault, co-founder and chief executive officer of Gator Mining, told a committee hearing Wednesday night.

The government has introduced two bills in the legislature that are aimed at controlling the growing demand on Crown-owned Manitoba Hydro’s electrical grid.

One bill would charge cryptocurrency operations and data centres up to 100 per cent higher rates for electricity. The other would allow Manitoba Hydro to temporarily reduce…