Regulation

British Columbia to halt new power connections for crypto miners

A state-owned electrical utility supplier within the Canadian province of British Columbia is about to halt all new electricity-connection requests from cryptocurrency miners for a interval of 18 months. 

The British Columbia authorities made the announcement in a press release on Dec. 21, stating that the pause will permit the federal government and BC Hydro to develop a everlasting framework that may higher steadiness the wants of crypto miners and each its residents and companies within the area.

Josie Osborne, Minister of Vitality, Mines and Low Carbon Innovation, mentioned that the transfer was made to protect the clear power it offers for its residents and companies that create jobs and are extra environmentally pleasant:

“Cryptocurrency mining consumes large quantities of electrical energy to run and funky banks of high-powered computer systems 24/7/365, whereas creating only a few jobs within the native economic system.”

In the intervening time, BC Hydro offers service to seven crypto-mining operations. Six extra are within the superior phases of connection to the system, totaling 273 megawatts — these usually are not anticipated to be impacted.

Nonetheless, new cryptocurrency mining initiatives won’t be able to provoke the method of reference to BC Hydro, and initiatives on the early phases of the connection course of may also be halted, it mentioned, including that there are 21 cryptocurrency mining initiatives which might be at present requesting a complete of 1,403 megawatts of electrical energy.

The Ministry famous that that is equal to the power wanted to energy roughly 570,000 houses or 2.1 million electrical autos per yr within the province.

Associated: BTC power use jumps 41% in 12 months, rising regulatory threat

The British Columbia hydro and energy authority released a report in Dec. 2022 titled “Crypto conundrum,” the place it warned that an “unprecedented stage” of requests for cryptocurrency mining operations may probably pressure the obtainable power provide and result in greater electrical energy charges for residents of B.C. It famous:

“BC Hydro’s obtainable power could possibly be challenged by cryptocurrency mining operations, which may imply much less power for greener pursuits equivalent to electrification or hydrogen manufacturing, and better electrical energy charges for British Columbians.”

Statista reported that in early 2022, Bitcoin’s annualized electrical energy consumption reached a report excessive, estimated to be greater than Finland’s complete energy consumption, at an estimated “204.5 TWh per yr.”

New York lately imposed a moratorium on proof-of-work (PoW) mining, changing into the primary United States state to take action, prohibiting any new mining operations that aren’t based mostly on 100% renewable power.

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