The Government of British Columbia has declared a prohibition on new cryptocurrency mining operations connecting to BC Hydro for a period of 18 months.
In a press release on Wednesday, the Ministry of Energy, Mines, and Low Carbon Innovation said it is directing BC Public Utilities Commission to temporarily remove the obligation of Crown Corporation to connect new mine operations. This will give the government a window of 18 months to construct a framework for the energy demands of the cryptocurrency mining industry. First Nations were included in the announcement.
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Environmentalists Consider Bitcoin Mining Power Plant a Climate Threat
The ban is aimed at cryptocurrency miners who are not yet connected to the network, or who are in the early stages of connecting. Existing miners and those who are “far along” in the process will not be impacted by the BC Hydro disconnection.
“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,” said Energy Minister Josie Osborne in her statement.
“We are suspending requests from cryptocurrency miners for electricity connections in order to keep our electricity supply available for those who are switching to electric vehicles and heat pumps, as well for businesses and industries involved in electrification projects that can reduce carbon emissions and create jobs.”