British Columbia suspends new power connections for crypto miners

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The Canadian province of British Columbia has suspended new power connection requests from cryptocurrency miners for 18 months in support of the province’s climate action and economic goals.

See Related Article: Bitcoin Mining Difficulty Drops Over 7% as Lack of Liquidity Hits Miners

Fast facts

The British Columbia government has said it hopes the suspension will ease supply restrictions for the province while its main electricity distributor, BC Hydro, has more time to establish a permanent regulatory framework for electricity. mining by engaging with local industry.

Cryptocurrency mining consumes huge amounts of electricity while creating very few jobs in the local economy, said Josie Osborne, BC Energy Minister.

The British Columbia Ministry of Energy, Mines and Low-Carbon Innovation says 21 crypto miners are currently demanding a total of 1,403 megawatts, which can power about 570,000 homes annually.

Seven existing crypto-mining projects and six others already advanced in the power connection process will not be affected by the suspension, the ministry said. They consume 273 megawatts in total.

About 87% of British Columbia’s electricity is generated by hydropower, which has sparked unprecedented interest from crypto miners, according to the province.

The restrictions will help support CleanBC, BC’s campaign that encourages various local industries to pursue cleaner operations to reduce carbon emissions, the government said.

See related article: Satoshi’s Other Great Legacy: Bitcoin Powers a Green Energy Revolution

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