The Canadian province of British Columbia announced that it is suspending new requests for electricity connections for cryptocurrency miners for 18 months.
The energy ministry of British Columbia (B.C.) said it is suspending new requests for power from cryptocurrency mining operations at least for the next 18 months. The announcement will not affect miners that already operate in the province. The government of B.C. announced in a statement on December 21 that the pause will allow the province to preserve its power – most of which is generated through hydroelectricity. The ministry added that the halt will also allow time for the provincial government and First Nations to establish a cryptocurrency mining policy framework. Seven mining projects that already operate in the province and six projects that are in the advanced stages of planning will not be affected by the decision. The mining projects already operating in the province use 273 megawatts of power.
Josie Obsborne, Minister of Energy, Mines, and Low Carbon Innovation said in a statement:
Cryptocurrency mining consumes massive amounts of energy to run and cool banks of high-powered computers 24/7/365. Adding, “We are suspending electricity connection requests from cryptocurrency mining operators to preserve our electricity supply for people who are switching to electric vehicles and heat pumps, and for businesses and industries that are undertaking electrification projects that reduce carbon emissions and generate jobs and economic opportunities.”
According to the statement by the Ministry, 21 mining projects have requested energy connections and will subsequently be denied permission for the time being. The outstanding requests would require 1,403 megawatts of power, which is sufficient to power more than 500,000 homes or 2.1 million electric vehicles per year.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Investment Disclaimer