Canada’s Manitoba Province Suspends New Crypto Operations For 18 Months

According to local media sources, Canada’s Manitoba province has imposed an 18-month embargo on new crypto-mining operations, citing the risk of overloading the local grid with new projects.

For the next 18 months, the government will prohibit new crypto-mining enterprises from connecting to the grid. The current 37 mining facilities, on the other hand, will remain unaffected.

According to reports, miners have flocked to Canada for its inexpensive power, with Manitoba having the second-lowest electricity prices in the country behind Quebec.

Finance Minister Cameron Friesen, the minister responsible for Crown-owned Manitoba Hydro, said:

“We can’t simply say. Well, anyone can take whatever they want to take and we’ll simply build dams.”

According to the minister, an additional 17 miners have sought to connect to the grid, with a total energy requirement of 371 megawatts (MW). That 371 MW is nearly half the producing capacity of the Keeyask power plant, which began full operation earlier this year.

This is the latest in a string of countries to halt or restrict the clearance of new crypto-mining operations, citing concerns that the miners’ burden will negatively impact local populations.

According to data from a newly published study done by the Bank of Canada, there was a significant increase in Bitcoin (BTC) ownership among individuals polled in 2021. Researchers stated that although overall BTC ownership in the examined group more than quadrupled, spurred by new investors, purchasers mostly accessed digital currencies through exchanges using mobile and online interfaces.

Not only Canada, the country that accounts for a large percentage of the crypto mining industry, but the US is also having questions about the energy used to mine Bitcoin.

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