British Columbia Province In Western Canada, Will Prevent New Bitcoin Miners From Operating

Key Points:

• British Columbia, Canada, will deny electricity to new crypto mining firms, according to a press release published by the provincial government on Dec. 21.
• The new rules will have an impact on 21 cryptocurrency mining projects that are now requesting 1,403 megawatt hours.
• The seven bitcoin mining operations that are currently running in British Columbia utilize much less energy—just 273 megawatt hours.

According to a press statement issued by the provincial government on December 21, new cryptocurrency mining companies in British Columbia will not be allowed to use power.

Those applications will be turned down by BC Hydro, a government-owned business and the only electricity provider in the province.

Josie Osborne, the energy minister, decried mining as a practice, saying:

“Cryptocurrency mining consumes massive amounts of electricity to run and cool banks of high-powered computers 24/7/365, while creating very few jobs in the local economy.”

Osborne continued by saying that the choice would save energy for other uses. The program will specifically assist in supplying electricity to those who adopt heat pumps and electric cars, as well as to enterprises that create jobs or have environmental missions.

For the following 18 months, the policy will be temporarily in effect. Companies engaged in cryptocurrency mining that haven’t yet requested an electricity connection or are just starting the process will be impacted. Existing crypto mining companies won’t be impacted by the policy.

According to today’s press release, the new rules will have an impact on 21 cryptocurrency mining projects that are now requesting 1,403 megawatt hours. The province referred to that figure as “unprecedented” and contrasted it with the energy use of 570,000 families.

The seven bitcoin mining operations that are currently running in British Columbia utilize much less energy—just 273 megawatt hours.

Similar measures have been taken by other Canadian provinces

Since 2018, Quebec, the francophone province of Canada, has periodically imposed and removed power limits on cryptocurrency mining. Quebec requested that power be once more distributed away from cryptocurrency corporations on December 8, 2022. Like in British Columbia, Quebec’s policy only applies to new applicants.

The central Canadian province of Manitoba similarly declared an 18-month suspension on new cryptocurrency miners’ requests for electricity connections in November of this year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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