British Columbia Suspends New Crypto Mining Operations

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Josie Osborne, Minister for Energy, Mines and Low Carbon Innovation said the move was made to ensure the preservation of clean energy for resident and business consumption which will facilitate job creation and is much more environmentally sustainable. Osborne said the electricity is intended to be directed to “electric vehicles and heat pumps, as well as businesses and industries undertaking electrification projects that reduce carbon emissions and generate jobs and jobs.” economic opportunities”.

He also said:

Cryptocurrency mining consumes huge amounts of electricity to run and cool banks of powerful computers 24/7/365, while creating very few jobs in the economy local.

Currently, BC Hydro provides its services to a total of seven crypto mining operations. Of the seven operations, six are in advanced stages of connection to the system which consumes a total of 273 megawatts. However, these operations will not be affected.

New crypto mining processes must not be trusted

Currently, a total of 21 projects have requested a total of 1,403 megawatts (MV) in the province, which is equivalent to the energy needed for 570,000 homes or 2.1 million electric vehicles. New crypto mining projects, on the other hand, will not be able to begin the connection process with BC Hydro. Additionally, projects that are in the early stages of the login process will also not be allowed to move forward.

Environmental activists are concerned about the impacts of crypto mining on the environment. They spoke out against Bitcoin and its energy-intensive energy and processing expenses. Energy consumption was even compared to that of an entire country.

The Bitcoin network operates on the Proof-of-Work (PoW) consensus mechanism, which takes a lot of energy as Bitcoin miners must compete to solve cryptographic puzzles that help secure the blockchain while earning rewards for their efforts .

Featured image from UnSplash, chart from TradingView

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