British Columbia became the third Canadian province to impose restrictions on crypto mining, saying it will not approve new connections to its power grid for 18 months.
In the Canadian province of British Columbia, a state-owned electric utility company will put a stop on any further requests for electrical connections from bitcoin miners for a period of 18 months. The British Columbian government made the decision in a statement on December 21. It said that the break will enable it and BC Hydro to create a long-term framework that will better balance the requirements of crypto miners with those of the local populace and businesses.
The action, according to Josie Osborne, Minister of Energy, Mines, and Low Carbon Innovation, was taken to protect the clean energy it offers to its citizens and companies that are more ecologically friendly and generate jobs.
“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.”
He further added that the province wants to preserve electricity for 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.
The Present Situation at British Columbia
Currently, BC Hydro serves seven cryptocurrency mining facilities. It added that there are 21 cryptocurrency mining projects that are currently requesting a total of 1,403 megawatts of electricity. However, new cryptocurrency mining projects will not be able to begin the process of connection with BC Hydro, and projects at the early stages of the connection process will also be halted.
According to the Ministry, this equates to the energy required to power almost 570,000 residences or 2.1 million electric cars throughout the province each year.