In simpler terms, the Canadian government of British Columbia is proposing rules to control electric power usage by cryptocurrency miners because of worries over excessive energy consumption and questionable financial gains.
On April 11, Josie Osborne, the Minister of Energy, Mines and Low Carbon Innovation, announced that the provincial government is taking steps to reduce the large energy usage linked to cryptocurrency mining in the area. She pointed out that this activity brings only limited employment and economic benefits.
The ministry explains that the proposed legislative change enables the government to control or ban the utilization of electricity for cryptocurrency mining. This action becomes necessary due to the rapid expansion of this sector, which could lead to increased electricity costs for residential and commercial consumers.
In December 2022, the province made a announcement, effective immediately, that they would put a hold on granting new electrical hookups for cryptocurrency mining operations for a period of 18 months.
Around twenty-one projects requiring a combined annual consumption of about 11,700 gigawatt-hours of power have been put on hold.
Based on a recent local news piece, Minister Osborne shared that the province is working together with BC Hydro, the regional power company, to ensure a sufficient electricity supply for the province’s upcoming needs.
“We need to oversee the provision of electricity for cryptocurrency mining operations that consume large amounts of energy but generate only a few local employment opportunities.”
In February, a Supreme Court in British Columbia ruled that BC Hydro’s ban on cryptocurrency mining was justified.
In December 2022, British Columbia joined Quebec and Manitoba as the third Canadian province to impose restrictions on cryptocurrency mining. The government of British Columbia announced that it would not approve any new mining connections to its power grid for the next 18 months.
At that point, Osborne explained that the purpose of this provision was to save electricity primarily for “the use of electric cars and heat pumps, as well as businesses and industries undergoing electrification projects to cut down on carbon emissions, create jobs, and boost the economy.”
In simple terms, British Columbia generates around 18,250 MW of electricity, making it the fourth largest electricity producer in Canada.
According to an evaluation by the North American Electric Reliability Corporation, British Columbia (BC) may pose a challenge to power generation reliability in the future. The report reveals that generation limitations and increasing demand could create issues as early as 2026.
According to Crypto.news’ report on March 24, 2024, a comparable transition is taking place around the world, including in Iceland. Prime Minister KatrÃn Jakobsdóttir announced new plans for Iceland’s renewable energy sector, focusing it on agricultural development rather than crypto mining.
British Columbia’s ongoing strategy to shift energy resources towards more sustainable and profitable industries is in line with the current development trends.
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2024-04-12 14:46